Reddit, Inc. (NYSE:RDDT - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $112.25, but opened at $115.03. Reddit shares last traded at $118.44, with a volume of 1,413,119 shares trading hands.
Analyst Ratings Changes
RDDT has been the topic of a number of research reports. Seaport Res Ptn raised shares of Reddit to a "hold" rating in a research note on Thursday, February 6th. Redburn Partners set a $75.00 target price on Reddit in a report on Monday, March 17th. Raymond James lowered their target price on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research note on Wednesday, March 12th. Redburn Atlantic assumed coverage on Reddit in a research note on Monday, March 17th. They issued a "sell" rating and a $75.00 price target on the stock. Finally, Morgan Stanley dropped their target price on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $142.22.
Check Out Our Latest Analysis on RDDT
Reddit Price Performance
The firm has a market cap of $22.12 billion and a P/E ratio of -15.82. The firm's 50-day moving average price is $120.74 and its 200 day moving average price is $142.98.
Reddit (NYSE:RDDT - Get Free Report) last posted its 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%. Analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current year.
Insider Transactions at Reddit
In other news, CTO Christopher Brian Slowe sold 5,068 shares of the stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $111.28, for a total value of $563,967.04. Following the completion of the sale, the chief technology officer now directly owns 20,184 shares of the company's stock, valued at approximately $2,246,075.52. This represents a 20.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 124,408 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer now owns 583,515 shares in the company, 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. Over the last ninety days, insiders have sold 725,270 shares of company stock valued at $97,067,425.
Hedge Funds Weigh In On Reddit
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Plato Investment Management Ltd bought a new stake in Reddit during the 4th quarter worth about $27,000. EverSource Wealth Advisors LLC bought a new stake in shares of Reddit in the 4th quarter valued at $28,000. Ridgewood Investments LLC raised its stake in Reddit by 100.0% during 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. Farmers & Merchants Investments Inc. bought a new position in Reddit during the fourth quarter worth about $33,000. Finally, Bogart Wealth LLC bought a new position in shares of Reddit during the 4th quarter valued at about $33,000.
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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