Reddit Inc. (NYSE:RDDT - Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $231.45 and last traded at $233.32, with a volume of 2590938 shares. The stock had previously closed at $224.02.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on the stock. Sanford C. Bernstein increased their target price on shares of Reddit from $130.00 to $150.00 and gave the stock a "market perform" rating in a research note on Tuesday, July 22nd. Roth Capital increased their target price on shares of Reddit from $130.00 to $145.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. The Goldman Sachs Group restated a "neutral" rating and set a $212.00 price target on shares of Reddit in a research note on Friday, August 1st. Guggenheim boosted their price target on shares of Reddit from $165.00 to $215.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Finally, Bank of America boosted their price target on shares of Reddit from $130.00 to $150.00 and gave the company a "neutral" rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $168.43.
Get Our Latest Research Report on RDDT
Reddit Stock Up 4.9%
The stock has a market capitalization of $43.98 billion, a P/E ratio of 213.63, a P/E/G ratio of 3.50 and a beta of 2.30. The business has a fifty day moving average price of $151.55 and a 200-day moving average price of $140.00.
Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.25. The firm had revenue of $499.63 million for the quarter, compared to the consensus estimate of $424.07 million. Reddit had a return on equity of 9.93% and a net margin of 12.97%. The company's quarterly revenue was up 77.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.06) earnings per share. On average, equities analysts expect that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, CEO Steve Ladd Huffman sold 124,409 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $124.45, for a total value of $15,482,700.05. Following the completion of the transaction, the chief executive officer owned 546,133 shares of the company's stock, valued at approximately $67,966,251.85. This represents a 18.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 26,000 shares of the company's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $98.43, for a total transaction of $2,559,180.00. Following the completion of the transaction, the chief technology officer directly owned 251,373 shares of the company's stock, valued at $24,742,644.39. This represents a 9.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 510,309 shares of company stock valued at $63,881,845 in the last 90 days. 34.25% of the stock is owned by company insiders.
Hedge Funds Weigh In On Reddit
Institutional investors have recently bought and sold shares of the business. Resona Asset Management Co. Ltd. raised its holdings in shares of Reddit by 0.3% in the second quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company's stock valued at $3,023,000 after acquiring an additional 65 shares in the last quarter. Congress Park Capital LLC raised its holdings in shares of Reddit by 2.0% in the second quarter. Congress Park Capital LLC now owns 3,885 shares of the company's stock valued at $585,000 after acquiring an additional 76 shares in the last quarter. Platinum Investment Management Ltd. raised its holdings in shares of Reddit by 4.3% in the second quarter. Platinum Investment Management Ltd. now owns 2,322 shares of the company's stock valued at $350,000 after acquiring an additional 95 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Reddit by 3.5% in the first quarter. Signaturefd LLC now owns 2,859 shares of the company's stock valued at $300,000 after acquiring an additional 97 shares in the last quarter. Finally, CWM LLC raised its holdings in shares of Reddit by 100.0% in the first quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after acquiring an additional 128 shares in the last quarter.
Reddit Company Profile
(
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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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