Reddit (NYSE:RDDT) Shares Up 3.8% - Still a Buy?

Reddit, Inc. (NYSE:RDDT - Get Free Report)'s stock price shot up 3.8% on Tuesday . The stock traded as high as $134.53 and last traded at $134.39. 1,097,751 shares were traded during trading, a decline of 77% from the average session volume of 4,846,602 shares. The stock had previously closed at $129.42.

Wall Street Analyst Weigh In

Several brokerages have recently commented on RDDT. Bank of America lifted their price target on shares of Reddit from $84.00 to $99.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Roth Mkm upped their price objective on Reddit from $89.00 to $116.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Raymond James lifted their target price on Reddit from $70.00 to $80.00 and gave the stock a "strong-buy" rating in a research note on Thursday, October 10th. Sanford C. Bernstein increased their price target on Reddit from $65.00 to $85.00 and gave the company an "underperform" rating in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Reddit from $59.00 to $77.00 and gave the stock a "neutral" rating in a research report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, six 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 MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $91.67.

Reddit Stock Up 6.1 %

The business's 50 day moving average price is $85.22 and its two-hundred day moving average price is $68.85.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million during the quarter, compared to analysts' expectations of $313.61 million. The company's revenue was up 67.9% on a year-over-year basis. Sell-side analysts anticipate that Reddit, Inc. will post -3.63 earnings per share for the current year.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $113.13, for a total value of $1,583,820.00. Following the transaction, the chief executive officer now owns 651,775 shares in the company, valued at approximately $73,735,305.75. This represents a 2.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Benjamin Seong Lee sold 18,519 shares of the firm's stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $56.32, for a total transaction of $1,042,990.08. Following the completion of the transaction, the insider now directly owns 175,954 shares in the company, valued at $9,909,729.28. This trade represents a 9.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 238,187 shares of company stock valued at $16,488,515 over the last 90 days.

Institutional Trading of Reddit

Institutional investors have recently made changes to their positions in the company. BNP Paribas Financial Markets purchased a new position in Reddit during the first quarter worth about $37,000. SG Americas Securities LLC purchased a new stake in shares of Reddit during the first quarter valued at approximately $265,000. Vanguard Group Inc. bought a new stake in Reddit during the first quarter worth $82,167,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Reddit in the first quarter worth $9,864,000. Finally, Price T Rowe Associates Inc. MD purchased a new stake in shares of Reddit during the 1st quarter valued at $37,015,000.

Reddit Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.