Reddit, Inc. (NYSE:RDDT - Get Free Report) shares traded down 12.9% during trading on Monday . The company traded as low as $119.23 and last traded at $116.72. 2,788,790 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 5,473,171 shares. The stock had previously closed at $133.98.
Analyst Upgrades and Downgrades
RDDT has been the topic of a number of research reports. Seaport Res Ptn raised shares of Reddit to a "hold" rating in a report on Thursday, February 6th. Piper Sandler upped their price objective on shares of Reddit from $210.00 to $220.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Raymond James boosted their price target on shares of Reddit from $200.00 to $250.00 and gave the company a "strong-buy" rating in a research note on Monday, February 10th. Citigroup reaffirmed a "neutral" rating on shares of Reddit in a research note on Thursday, February 13th. Finally, The Goldman Sachs Group boosted their target price on shares of Reddit from $105.00 to $176.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued 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 a consensus rating of "Moderate Buy" and an average target price of $175.95.
Check Out Our Latest Stock Analysis on RDDT
Reddit Stock Up 4.1 %
The company has a market capitalization of $23.11 billion and a PE ratio of -16.42. The company has a 50-day moving average price of $179.61 and a two-hundred day moving average price of $132.31.
Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. As a group, equities analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.
Insider Transactions at Reddit
In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.20, for a total value of $2,466,800.00. Following the transaction, the chief executive officer now owns 620,971 shares in the company, valued at approximately $109,415,090.20. This trade represents a 2.20 % 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, insider Benjamin Seong Lee sold 92,299 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the sale, the insider now directly owns 115,001 shares in the company, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 393,386 shares of company stock valued at $66,673,388.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in RDDT. Ridgewood Investments LLC boosted its holdings in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after acquiring an additional 100 shares in the last quarter. Proficio Capital Partners LLC lifted its stake in shares of Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after buying an additional 120 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after acquiring an additional 147 shares in the last quarter. UMB Bank n.a. increased its position in shares of Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock valued at $251,000 after acquiring an additional 150 shares in the last quarter. Finally, Foundations Investment Advisors LLC raised its holdings in Reddit by 3.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock worth $870,000 after acquiring an additional 155 shares during the last quarter.
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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