Reddit, Inc. (NYSE:RDDT - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $128.21, but opened at $123.62. Reddit shares last traded at $123.07, with a volume of 787,941 shares.
Analyst Upgrades and Downgrades
A number of equities research analysts recently weighed in on RDDT shares. JMP Securities upped their price target on Reddit from $190.00 to $200.00 and gave the stock a "market outperform" rating in a report on Thursday, February 13th. Piper Sandler increased their price target on shares of Reddit from $210.00 to $220.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Redburn Atlantic began coverage on Reddit in a report on Monday. They set a "sell" rating and a $75.00 price objective for the company. Jefferies Financial Group lifted their target price on Reddit from $120.00 to $175.00 and gave the company a "buy" rating in a report on Monday, November 25th. Finally, Morgan Stanley raised their price objective on Reddit from $200.00 to $210.00 and gave the stock an "overweight" rating in a report on Thursday, February 13th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $162.68.
View Our Latest Stock Analysis on Reddit
Reddit Stock Performance
The stock has a market capitalization of $20.89 billion and a PE ratio of -14.94. The firm has a 50 day moving average of $172.23 and a 200-day moving average of $134.23.
Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, sell-side analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.
Insiders Place Their Bets
In other Reddit news, CFO Andrew Vollero sold 48,122 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the sale, the chief financial officer now owns 599,295 shares of the company's stock, valued at $97,565,226. This trade represents a 7.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $127.36, for a total value of $15,844,602.88. Following the completion of the sale, the chief executive officer now directly owns 583,515 shares of the company's stock, valued at $74,316,470.40. This represents a 17.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 503,794 shares of company stock valued at $78,350,874 over the last quarter.
Institutional Trading of Reddit
A number of large investors have recently bought and sold shares of RDDT. FMR LLC increased its stake in shares of Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company's stock valued at $801,428,000 after buying an additional 9,139,196 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after buying an additional 5,950,909 shares during the period. Jennison Associates LLC acquired a new position in Reddit during the 4th quarter valued at about $494,861,000. Alliancebernstein L.P. grew its position in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after buying an additional 2,537,768 shares during the period. Finally, Point72 Asset Management L.P. raised its stake in shares of Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company's stock worth $151,357,000 after buying an additional 2,225,895 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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