Reddit, Inc. (NYSE:RDDT - Get Free Report)'s stock price was up 1% during mid-day trading on Tuesday . The stock traded as high as $115.39 and last traded at $113.24. Approximately 2,222,206 shares changed hands during trading, a decline of 64% from the average daily volume of 6,136,789 shares. The stock had previously closed at $112.11.
Analyst Ratings Changes
Several research analysts recently issued reports on RDDT shares. Piper Sandler reaffirmed an "overweight" rating and set a $150.00 target price (up from $140.00) on shares of Reddit in a research report on Friday, May 2nd. The Goldman Sachs Group lifted their price objective on Reddit from $124.00 to $140.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Seaport Res Ptn raised Reddit from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 5th. Wall Street Zen lowered Reddit from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Finally, Guggenheim lowered their price objective on Reddit from $170.00 to $165.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $139.78.
Check Out Our Latest Research Report on RDDT
Reddit Stock Performance
The business has a 50 day moving average price of $106.67 and a two-hundred day moving average price of $143.75. The stock has a market cap of $22.36 billion, a PE ratio of -15.68, a P/E/G ratio of 4.72 and a beta of 1.99.
Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The firm had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. During the same quarter in the previous year, the business earned ($8.19) EPS. The company's revenue was up 61.5% compared to the same quarter last year. As a group, research analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.
Insider Transactions at Reddit
In related news, COO Jennifer L. Wong sold 33,334 shares of the company's stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total value of $3,133,062.66. Following the transaction, the chief operating officer now owns 1,466,119 shares in the company, valued at approximately $137,800,524.81. This represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of the company's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $127.36, for a total value of $15,844,602.88. Following the completion of the transaction, the chief executive officer now owns 583,515 shares in the company, valued at approximately $74,316,470.40. The trade was a 17.57% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 677,875 shares of company stock worth $76,732,994 in the last 90 days. Insiders own 34.25% of the company's stock.
Hedge Funds Weigh In On Reddit
Several institutional investors have recently bought and sold shares of RDDT. Plato Investment Management Ltd purchased a new stake in shares of Reddit during the fourth quarter worth $27,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit during the fourth quarter worth $28,000. Farmers & Merchants Investments Inc. purchased a new stake in shares of Reddit during the fourth quarter worth $33,000. Bogart Wealth LLC purchased a new stake in shares of Reddit during the fourth quarter worth $33,000. Finally, Allworth Financial LP lifted its position in shares of Reddit by 970.0% during the fourth quarter. Allworth Financial LP now owns 214 shares of the company's stock worth $35,000 after acquiring an additional 194 shares in the last quarter.
Reddit Company Profile
(
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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