Reddit, Inc. (NYSE:RDDT - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $173.54, but opened at $167.38. Reddit shares last traded at $163.41, with a volume of 1,112,909 shares traded.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on the stock. Roth Mkm raised their price objective on shares of Reddit from $89.00 to $116.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. The Goldman Sachs Group boosted their price target on shares of Reddit from $60.00 to $68.00 and gave the stock a "neutral" rating in a research note on Monday, October 14th. B. Riley reiterated a "buy" rating and issued a $112.00 price objective (up from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Loop Capital boosted their target price on Reddit from $120.00 to $180.00 and gave the stock a "buy" rating in a research note on Monday, December 2nd. Finally, Guggenheim assumed coverage on Reddit in a research report on Friday, December 20th. They issued a "buy" rating and a $210.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $132.70.
Read Our Latest Analysis on RDDT
Reddit Price Performance
The business has a 50-day moving average of $137.51 and a 200-day moving average of $89.50.
Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to analysts' expectations of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm's revenue was up 67.9% compared to the same quarter last year. Research analysts anticipate that Reddit, Inc. will post -3.46 earnings per share for the current year.
Insider Buying and Selling
In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $75.43, for a total value of $1,056,020.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares in the company, valued at approximately $49,163,388.25. This trade represents a 2.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Christopher Brian Slowe sold 11,000 shares of the business's stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $169.85, for a total transaction of $1,868,350.00. Following the transaction, the chief technology officer now owns 324,837 shares in the company, valued at approximately $55,173,564.45. This trade represents a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 250,357 shares of company stock valued at $32,983,080 over the last quarter.
Institutional Investors Weigh In On Reddit
Institutional investors have recently added to or reduced their stakes in the business. Whittier Trust Co. acquired a new stake in shares of Reddit in the 3rd quarter valued at approximately $42,000. Daiwa Securities Group Inc. acquired a new stake in Reddit in the third quarter valued at $85,000. SOA Wealth Advisors LLC. lifted its holdings in Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company's stock valued at $126,000 after acquiring an additional 691 shares during the period. Sanctuary Advisors LLC purchased a new stake in shares of Reddit during the 3rd quarter worth $144,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Reddit during the 2nd quarter worth $203,000.
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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