Reddit, Inc. (NYSE:RDDT - Get Free Report)'s stock price was down 6.2% on Wednesday following insider selling activity. The company traded as low as $117.87 and last traded at $117.68. Approximately 1,256,043 shares traded hands during trading, a decline of 77% from the average daily volume of 5,440,697 shares. The stock had previously closed at $125.43.
Specifically, CTO Christopher Brian Slowe sold 11,000 shares of Reddit stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $124.08, for a total value of $1,364,880.00. Following the transaction, the chief technology officer now directly owns 281,213 shares of the company's stock, valued at $34,892,909.04. The trade was a 3.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Andrew Vollero sold 100,000 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the transaction, the chief financial officer now directly owns 499,295 shares of the company's stock, valued at approximately $61,952,523.60. This trade represents a 16.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here.
Analysts Set New Price Targets
RDDT has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on Reddit from $142.00 to $185.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. Citigroup reissued an "outperform" rating on shares of Reddit in a research report on Friday. Loop Capital reissued a "buy" rating and set a $210.00 price objective on shares of Reddit in a research report on Tuesday, March 11th. Robert W. Baird lifted their target price on Reddit from $160.00 to $185.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $220.00 price target on shares of Reddit in a research note on Friday, March 21st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $163.00.
View Our Latest Stock Analysis on RDDT
Reddit Price Performance
The company has a market capitalization of $20.02 billion and a PE ratio of -14.33. The business has a 50-day moving average of $164.53 and a 200 day moving average of $138.13.
Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. As a group, research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the stock. Ridgewood Investments LLC lifted its holdings in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after buying an additional 100 shares during the period. Proficio Capital Partners LLC grew its position in Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after purchasing an additional 120 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after acquiring an additional 147 shares during the period. UMB Bank n.a. raised its stake in shares of Reddit by 10.8% in the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock worth $251,000 after purchasing an additional 150 shares during the last quarter. Finally, Foundations Investment Advisors LLC raised its position in Reddit by 3.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock worth $870,000 after buying an additional 155 shares during the last quarter.
About Reddit
(
Get Free Report)
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.
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