Reddit (NYSE:RDDT) Announces Earnings Results, Beats Expectations By $0.23 EPS

Reddit (NYSE:RDDT) posted its quarterly earnings results on Tuesday. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23, Briefing.com reports. The business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The business’s revenue for the quarter was up 67.9% compared to the same quarter last year. Reddit updated its Q4 2024 guidance to EPS.

Reddit Trading Up 41.1 %

RDDT traded up $33.57 on Wednesday, reaching $115.31. The company’s stock had a trading volume of 21,313,568 shares, compared to its average volume of 4,566,805. Reddit has a 1 year low of $37.35 and a 1 year high of $117.00. The business’s 50 day moving average is $66.61 and its 200 day moving average is $60.82.

Insider Activity at Reddit

In other Reddit news, Director Mary Porter Gale sold 15,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the transaction, the director now owns 101,459 shares of the company’s stock, valued at $5,349,933.07. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Reddit news, Director Mary Porter Gale sold 15,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the transaction, the director now owns 101,459 shares of the company’s stock, valued at $5,349,933.07. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total value of $387,400.00. Following the transaction, the chief technology officer now directly owns 30,068 shares in the company, valued at approximately $2,329,668.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 390,327 shares of company stock valued at $23,503,224.

Analyst Ratings Changes

A number of brokerages have recently commented on RDDT. JMP Securities reissued a “market outperform” rating and issued a $84.00 target price on shares of Reddit in a research note on Tuesday, July 30th. Morgan Stanley raised their price objective on Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Jefferies Financial Group upped their target price on Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Needham & Company LLC upped their target price on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Piper Sandler upped their target price on Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.72.

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.