Reddit (NYSE:RDDT) Shares Gap Down - Time to Sell?

Reddit, Inc. (NYSE:RDDT - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $119.30, but opened at $114.00. Reddit shares last traded at $113.43, with a volume of 2,697,599 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on RDDT shares. Roth Mkm upped their target price on Reddit from $89.00 to $116.00 and gave the company a "buy" rating in a research report on Wednesday. Bank of America increased their price objective on shares of Reddit from $84.00 to $99.00 and gave the company a "neutral" rating in a research note on Wednesday. JMP Securities boosted their target price on shares of Reddit from $84.00 to $118.00 and gave the stock a "market outperform" rating in a research report on Wednesday. Jefferies Financial Group lifted 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, Sanford C. Bernstein increased their target price on Reddit from $65.00 to $85.00 and gave the stock an "underperform" rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Reddit presently has an average rating of "Moderate Buy" and an average target price of $89.72.

Reddit Stock Down 5.3 %

The firm's 50 day simple moving average is $69.05 and its 200 day simple moving average is $61.61.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The company's revenue was up 67.9% on a year-over-year basis. Equities research analysts forecast that Reddit, Inc. will post -4.05 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the sale, the chief technology officer now owns 30,068 shares of the company's stock, valued at $2,329,668.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Mary Porter Gale sold 30,000 shares of the firm's stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the completion of the transaction, the director now owns 71,459 shares in the company, valued at approximately $3,738,020.29. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 390,327 shares of company stock valued at $23,503,224.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets bought a new stake in shares of Reddit during the 1st quarter worth $37,000. Whittier Trust Co. acquired a new position in shares of Reddit in the 3rd quarter valued at $42,000. ANTIPODES PARTNERS Ltd purchased a new position in Reddit in the 1st quarter worth about $63,000. SOA Wealth Advisors LLC. acquired a new stake in Reddit during the 2nd quarter worth about $78,000. Finally, Sandia Investment Management LP purchased a new stake in Reddit during the first quarter valued at about $79,000.

Reddit Company Profile

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.