These Analysts Revise Their Forecasts On Reddit Following Q4 Results
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." Don't Miss: 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. See Also: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Considering buying RDDT stock? Here’s what analysts think: Read Next: Photo via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga: This article These Analysts Revise Their Forecasts On Reddit Following Q4 Results originally appeared on Benzinga.com
