Reddit, Inc. (NYSE:RDDT - Get Free Report)'s stock price fell 8.6% on Thursday after an insider sold shares in the company. The company traded as low as $172.20 and last traded at $173.43. 5,745,156 shares traded hands during mid-day trading, a decline of 0% from the average session volume of 5,750,339 shares. The stock had previously closed at $189.66.
Specifically, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at approximately $115,370,905.32. This represents a 2.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $187.72, for a total transaction of $6,257,270.76. Following the completion of the sale, the chief operating officer now owns 1,504,297 shares in the company, valued at $282,386,632.84. This represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on the company. Piper Sandler upped their target price on Reddit from $210.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday. JMP Securities increased their price objective on shares of Reddit from $190.00 to $200.00 and gave the company a "market outperform" rating in a research note on Thursday, February 13th. Jefferies Financial Group lifted their target price on shares of Reddit from $120.00 to $175.00 and gave the company a "buy" rating in a research report on Monday, November 25th. Wells Fargo & Company increased their target price on Reddit from $206.00 to $215.00 and gave the stock an "overweight" rating in a report on Thursday, February 13th. Finally, B. Riley increased their target price on shares of Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a research report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $175.95.
Read Our Latest Stock Report on Reddit
Reddit Trading Down 5.2 %
The business's fifty day simple moving average is $184.13 and its 200 day simple moving average is $124.17. The stock has a market cap of $30.08 billion and a price-to-earnings ratio of -21.51.
Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 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, research analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the company. Ridgewood Investments LLC boosted its position in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Proficio Capital Partners LLC raised its stake in Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after buying an additional 120 shares during the period. Farther Finance Advisors LLC lifted its holdings in Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after acquiring an additional 147 shares in the last quarter. UMB Bank n.a. grew its stake in Reddit by 10.8% in 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 during the period. Finally, Foundations Investment Advisors LLC increased its holdings in shares of Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock worth $870,000 after acquiring an additional 155 shares in 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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