Shares of Reddit, Inc. (NYSE:RDDT - Get Free Report) rose 2.8% on Tuesday . The stock traded as high as $107.71 and last traded at $107.83. Approximately 1,240,076 shares traded hands during trading, a decline of 77% from the average daily volume of 5,312,696 shares. The stock had previously closed at $104.90.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on the stock. Guggenheim reduced their price target on shares of Reddit from $210.00 to $170.00 and set a "buy" rating on the stock in a research note on Thursday, March 20th. Roth Mkm cut Reddit from a "buy" rating to a "neutral" rating and upped their price target for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Bank of America lifted their price objective on Reddit from $180.00 to $190.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Roth Capital cut Reddit from a "strong-buy" rating to a "hold" rating in a report on Wednesday, January 22nd. Finally, JMP Securities set a $155.00 price target on shares of Reddit in a research note on Friday, March 28th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Reddit presently has a consensus rating of "Moderate Buy" and a consensus target price of $163.00.
Check Out Our Latest Research Report on Reddit
Reddit Stock Performance
The stock has a market capitalization of $15.69 billion and a PE ratio of -11.22. The business's 50-day moving average is $159.78 and its two-hundred day moving average is $138.00.
Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating 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.
Insiders Place Their Bets
In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares of the company's stock, valued at approximately $261,642,377.21. This trade represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 603,794 shares of company stock worth $89,386,704.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in RDDT. Plato Investment Management Ltd acquired a new stake in Reddit in the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit during the 4th quarter worth approximately $28,000. Ridgewood Investments LLC lifted its stake in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after buying an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. acquired a new stake in Reddit during the 4th quarter valued at $33,000. Finally, Bogart Wealth LLC purchased a new position in Reddit during the fourth quarter worth $33,000.
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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