Reddit (NYSE:RDDT) Shares Down 4.5%

Reddit, Inc. (NYSE:RDDT - Get Free Report) was down 4.5% on Thursday . The company traded as low as 56.82 and last traded at 56.97. Approximately 1,361,292 shares were traded during trading, a decline of 78% from the average daily volume of 6,169,417 shares. The stock had previously closed at 59.63.

Analyst Upgrades and Downgrades

RDDT has been the topic of a number of recent research reports. Raymond James assumed coverage on Reddit in a research note on Monday, April 15th. They set a "strong-buy" rating and a $50.00 price objective on the stock. JPMorgan Chase & Co. assumed coverage on Reddit in a research note on Monday, April 15th. They issued a "neutral" rating and a $47.00 price target on the stock. Needham & Company LLC boosted their price objective on Reddit from $55.00 to $63.00 and gave the company a "buy" rating in a research report on Wednesday, May 8th. Roth Mkm raised their target price on shares of Reddit from $50.00 to $61.00 and gave the stock a "buy" rating in a report on Wednesday, May 8th. Finally, Roth Capital reiterated a "buy" rating on shares of Reddit in a report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Reddit has a consensus rating of "Moderate Buy" and a consensus price target of 54.87.

Reddit Trading Down 5.5 %

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing the consensus estimate of -2.34 by -5.85. The company had revenue of 243.00 million during the quarter, compared to the consensus estimate of 213.99 million. During the same period last year, the firm earned ($1.05) EPS. The business's quarterly revenue was up 48.4% compared to the same quarter last year. Research analysts forecast that Reddit, Inc. will post -4.71 earnings per share for the current year.

Insider Buying and Selling

In other Reddit news, Director David C. Habiger purchased 3,000 shares of Reddit stock in a transaction dated Monday, March 25th. The stock was purchased at an average price of 34.00 per share, with a total value of 102,000.00. Following the transaction, the director now directly owns 24,906 shares of the company's stock, valued at 846,804. The purchase was disclosed in a document filed with the SEC, which is available through this link. In related news, CTO Christopher Brian Slowe sold 185,000 shares of Reddit stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the transaction, the chief technology officer now directly owns 413,684 shares in the company, valued at 13,361,993.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David C. Habiger purchased 3,000 shares of the business's stock in a transaction on Monday, March 25th. The shares were bought at an average cost of 34.00 per share, with a total value of 102,000.00. Following the acquisition, the director now directly owns 24,906 shares of the company's stock, valued at approximately 846,804. The disclosure for this purchase can be found here. Insiders sold 1,084,798 shares of company stock valued at $35,038,975 over the last 90 days.

Institutional Trading of Reddit

Several institutional investors and hedge funds have recently modified their holdings of RDDT. Inclusive Capital Partners L.P. purchased a new position in Reddit in the 1st quarter worth approximately $103,051,000. Vanguard Group Inc. bought a new stake in shares of Reddit during the first quarter valued at approximately $82,167,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Reddit in the first quarter worth $37,015,000. Blackstone Inc. bought a new position in shares of Reddit during the first quarter worth $36,990,000. Finally, Bamco Inc. NY purchased a new position in Reddit during the first quarter valued at $14,796,000.

About Reddit

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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