Reddit (NYSE:RDDT) Trading Up 1% - What's Next?

Reddit, Inc. (NYSE:RDDT - Get Free Report)'s stock price traded up 1% on Tuesday . The company traded as high as $115.39 and last traded at $113.24. 2,222,206 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 6,136,789 shares. The stock had previously closed at $112.11.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RDDT. Guggenheim lowered their price target on shares of Reddit from $170.00 to $165.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Redburn Partners set a $75.00 price target on Reddit in a research report on Monday, March 17th. Raymond James cut their target price on Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, March 12th. Morgan Stanley lowered their price target on Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $180.00 price objective on shares of Reddit in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $139.78.

Reddit Trading Down 5.1%

The stock has a market capitalization of $20.71 billion, a price-to-earnings ratio of -14.52, a P/E/G ratio of 4.72 and a beta of 2.90. The firm has a 50-day moving average of $106.45 and a 200-day moving average of $143.81.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Reddit's revenue for the quarter was up 61.5% compared to the same quarter last year. During the same period last year, the company earned ($8.19) earnings per share. On average, equities research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Activity at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 2,729 shares of the stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $98.85, for a total transaction of $269,761.65. Following the transaction, the chief accounting officer now directly owns 42,277 shares of the company's stock, valued at $4,179,081.45. This trade represents a 6.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David C. Habiger bought 774 shares of the company's stock in a transaction dated Wednesday, March 12th. The stock was bought at an average price of $130.36 per share, for a total transaction of $100,898.64. Following the transaction, the director now owns 30,808 shares of the company's stock, valued at approximately $4,016,130.88. This trade represents a 2.58% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 677,875 shares of company stock worth $76,732,994 in the last 90 days.

Institutional Investors Weigh In On Reddit

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC lifted its stake in shares of Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after buying an additional 913,189 shares in the last quarter. Vanguard Group Inc. lifted its stake in Reddit by 11.1% in the 1st quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company's stock worth $1,069,828,000 after purchasing an additional 1,017,162 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Reddit by 103.0% during the 1st quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company's stock worth $593,733,000 after purchasing an additional 2,871,232 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Reddit by 10.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,073,939 shares of the company's stock worth $427,357,000 after purchasing an additional 389,761 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Reddit by 98.2% in the first quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company's stock valued at $200,096,000 after purchasing an additional 944,847 shares in the last quarter.

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.