Shares of Reddit, Inc. (NYSE:RDDT - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $110.05, but opened at $104.85. Reddit shares last traded at $112.18, with a volume of 1,013,600 shares traded.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on RDDT shares. Redburn Partners set a $75.00 target price on Reddit in a research note on Monday, March 17th. Roth Capital cut Reddit from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, January 22nd. Piper Sandler raised their price objective on shares of Reddit from $210.00 to $220.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Loop Capital reiterated a "buy" rating and issued a $210.00 target price on shares of Reddit in a research note on Tuesday, March 11th. Finally, Morgan Stanley increased their target price on shares of Reddit from $200.00 to $210.00 and gave the company an "overweight" rating in a research report on Thursday, February 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $163.00.
Check Out Our Latest Analysis on RDDT
Reddit Trading Down 10.5 %
The stock has a fifty day moving average of $159.78 and a two-hundred day moving average of $138.00. The company has a market capitalization of $15.69 billion and a PE ratio of -11.22.
Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 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%. Equities analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.
Insider Activity
In other news, CAO Michelle Marie Reynolds sold 11,965 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the transaction, the chief accounting officer now owns 48,418 shares in the company, valued at approximately $7,621,477.38. This trade represents a 19.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total transaction of $2,419,060.00. Following the sale, the chief executive officer now owns 614,394 shares of the company's stock, valued at $106,161,139.26. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 603,794 shares of company stock valued at $89,386,704.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of RDDT. Vanguard Group Inc. increased its stake in shares of Reddit by 184.2% during the fourth 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 purchased a new position in Reddit during the 4th quarter valued at $494,861,000. Alliancebernstein L.P. raised its holdings in Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after purchasing an additional 2,537,768 shares in the last quarter. Brooklyn FI LLC purchased a new stake in shares of Reddit in the 4th quarter worth about $303,082,000. Finally, GQG Partners LLC purchased a new stake in shares of Reddit in the 4th quarter worth about $271,539,000.
About Reddit
(
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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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