Reddit Inc (NYSE:RDDT) reported better-than-expected fourth-quarter financial results on Thursday after the market close.
Reddit reported fourth-quarter revenue of $725.61 million, beating the consensus estimate of $665.44 million, according to Benzinga Pro. The company posted fourth-quarter earnings of $1.24 per share, beating analyst estimates of 95 cents per share.
"We're entering the next era of Reddit — defined by sharper execution, global expansion, and product innovation that puts real people and conversations at the center," said Steve Huffman, co-founder and CEO of Reddit. "Our focus is on turning Reddit's authenticity into even more everyday utility."
Reddit expects first-quarter revenue to be in the range of $595 million to $605 million versus estimates of $577.17 million. The company anticipates first-quarter adjusted EBITDA of $210 million to $220 million.
Reddit shares fell 2.2% to trade at $147.76 on Friday.
These analysts made changes to their price targets on Reddit following earnings announcement.
- Guggenheim analyst Michael Morris maintained Reddit with a Buy and raised the price target from $245 to $255.
- Cantor Fitzgerald analyst Deepak Mathivanan maintained the stock with a Neutral and lowered the price target from $240 to $170.
- Piper Sandler analyst Thomas Champion reiterated Reddit with an Overweight rating and lowered the price target from $290 to $205.
- Truist Securities analyst Youssef Squali maintained the stock with a Buy and raised the price target from $270 to $275.
- Oppenheimer analyst Jason Helfstein maintained Reddit with an Outperform rating and lowered the price target from $300 to $250.
Considering buying RDDT stock? Here’s what analysts think:
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