Reddit, Inc. (NYSE:RDDT - Get Free Report) shares traded down 10.3% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $112.91 and last traded at $112.68. 1,957,038 shares changed hands during trading, a decline of 65% from the average session volume of 5,659,296 shares. The stock had previously closed at $125.56.
Specifically, CEO Steve Ladd Huffman sold 124,408 shares of the business's stock in a transaction that occurred on Friday, March 14th. The stock was 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 directly owns 583,515 shares of the company's stock, valued at $74,316,470.40. The trade was a 17.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on the company. Jefferies Financial Group lifted their price objective on Reddit from $120.00 to $175.00 and gave the company a "buy" rating in a research report on Monday, November 25th. Citigroup reiterated a "neutral" rating on shares of Reddit in a research report on Thursday, February 13th. Wells Fargo & Company raised their price objective on shares of Reddit from $206.00 to $215.00 and gave the company an "overweight" rating in a research report on Thursday, February 13th. Guggenheim reduced their target price on shares of Reddit from $210.00 to $170.00 and set a "buy" rating on the stock in a research report on Thursday. Finally, Redburn Atlantic started coverage on shares of Reddit in a research note on Monday, March 17th. They set a "sell" rating and a $75.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $162.68.
Check Out Our Latest Report on RDDT
Reddit Trading Up 6.2 %
The firm's fifty day moving average price is $171.19 and its 200-day moving average price is $135.16. The company has a market cap of $20.89 billion and a price-to-earnings ratio of -14.94.
Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate 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, research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in RDDT. Prospera Financial Services Inc bought a new stake in Reddit in the 3rd quarter valued at $248,000. Charles Schwab Investment Management Inc. raised its stake in shares of Reddit by 194.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company's stock valued at $33,179,000 after purchasing an additional 332,604 shares during the period. GM Advisory Group LLC bought a new stake in shares of Reddit in the third quarter valued at about $255,000. Meridian Wealth Management LLC boosted its position in shares of Reddit by 29.7% during the third quarter. Meridian Wealth Management LLC now owns 45,650 shares of the company's stock worth $3,009,000 after buying an additional 10,466 shares during the period. Finally, Cerity Partners LLC bought a new position in shares of Reddit during the third quarter worth about $446,000.
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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