Reddit (NYSE:RDDT) Shares Up 5.7% - Here's What Happened

Reddit, Inc. (NYSE:RDDT - Get Free Report)'s share price was up 5.7% during mid-day trading on Friday . The company traded as high as $175.88 and last traded at $175.32. Approximately 884,168 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 2,432,393 shares. The stock had previously closed at $165.91.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RDDT. Robert W. Baird raised their price objective on shares of Reddit from $100.00 to $160.00 and gave the company a "neutral" rating in a research note on Wednesday, December 11th. Needham & Company LLC boosted their price objective on shares of Reddit from $120.00 to $190.00 and gave the stock a "buy" rating in a report on Wednesday, December 11th. Piper Sandler reiterated an "overweight" rating and set a $150.00 target price (up from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. JPMorgan Chase & Co. boosted their price target on Reddit from $59.00 to $77.00 and gave the stock a "neutral" rating in a research note on Monday, October 7th. Finally, Guggenheim initiated coverage on Reddit in a report on Friday, December 20th. They set a "buy" rating and a $210.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Reddit presently has an average rating of "Moderate Buy" and a consensus price target of $132.70.

Reddit Trading Up 7.1 %

The company has a fifty day simple moving average of $144.44 and a 200-day simple moving average of $91.96.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $313.61 million. The firm's revenue for the quarter was up 67.9% on a year-over-year basis. On average, equities research analysts expect that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Insider Activity

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the sale, the chief technology officer now owns 30,068 shares in the company, valued at approximately $2,329,668.64. This trade represents a 14.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $75.43, for a total value of $1,056,020.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $49,163,388.25. This represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 250,357 shares of company stock worth $32,983,080 in the last three months.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently bought and sold shares of RDDT. Everence Capital Management Inc. bought a new position in Reddit during the fourth quarter valued at approximately $531,000. Somnio Financial Group LLC purchased a new stake in shares of Reddit during the 4th quarter worth approximately $640,000. Lord Abbett & CO. LLC boosted its position in shares of Reddit by 1,519.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company's stock valued at $108,792,000 after acquiring an additional 1,548,450 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Reddit in the third quarter valued at $3,929,000. Finally, Sanctuary Advisors LLC bought a new stake in Reddit in the third quarter worth $144,000.

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.