Reddit (NYSE:RDDT) Posts Quarterly Earnings Results, Beats Estimates By $0.23 EPS

Reddit (NYSE:RDDT - Get Free Report) announced its quarterly earnings data on Tuesday. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.23, Briefing.com reports. The firm had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The business's quarterly revenue was up 67.9% compared to the same quarter last year. Reddit updated its Q4 2024 guidance to EPS.

Reddit Stock Up 42.0 %

Shares of RDDT traded up $34.29 during mid-day trading on Wednesday, reaching $116.03. The company had a trading volume of 37,730,077 shares, compared to its average volume of 4,673,188. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $118.25. The firm has a fifty day simple moving average of $66.61 and a 200-day simple moving average of $60.82.

Insider Transactions at Reddit

In other news, COO Jennifer L. Wong sold 50,000 shares of the firm's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $65.01, for a total value of $3,250,500.00. Following the transaction, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $100,275,129.57. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, COO Jennifer L. Wong sold 50,000 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total value of $3,250,500.00. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares of the company's stock, valued at $100,275,129.57. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Christopher Brian Slowe sold 5,000 shares of Reddit stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00. Following the transaction, the chief technology officer now owns 30,068 shares in the company, valued at $2,329,668.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 390,327 shares of company stock worth $23,503,224 in the last ninety days.

Wall Street Analysts Forecast Growth

A number of research firms have commented on RDDT. Raymond James raised their target price on Reddit from $70.00 to $80.00 and gave the company a "strong-buy" rating in a report on Thursday, October 10th. Roth Mkm upped their target price on shares of Reddit from $89.00 to $116.00 and gave the stock a "buy" rating in a research report on Wednesday. Cannonball Research initiated coverage on shares of Reddit in a research report on Tuesday, August 6th. They set a "buy" rating and a $67.00 price target for the company. Jefferies Financial Group boosted their price target on Reddit from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. Finally, Needham & Company LLC raised their price objective on Reddit from $85.00 to $120.00 and gave the company a "buy" rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Reddit currently has a consensus rating of "Moderate Buy" and an average price target of $89.72.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.