Reddit (NYSE:RDDT) Stock Price Up 2.2% - Time to Buy?

Shares of Reddit, Inc. (NYSE:RDDT - Get Free Report) traded up 2.2% on Tuesday . The company traded as high as $103.05 and last traded at $102.98. 2,592,560 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 6,058,148 shares. The stock had previously closed at $100.76.

Analyst Ratings Changes

RDDT has been the subject of several recent research reports. Needham & Company LLC lifted their price target on Reddit from $135.00 to $145.00 and gave the company a "buy" rating 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. Guggenheim reduced their price target on Reddit from $170.00 to $165.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Wells Fargo & Company set a $115.00 target price on shares of Reddit and gave the stock an "equal weight" rating in a research note on Monday, May 19th. Finally, The Goldman Sachs Group raised their price target on shares of Reddit from $124.00 to $140.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Reddit has a consensus rating of "Moderate Buy" and a consensus price target of $140.45.

Reddit Trading Up 3.0%

The business has a fifty day moving average of $107.10 and a 200 day moving average of $145.05. The company has a market capitalization of $19.15 billion, a PE ratio of -13.43, a PEG ratio of 4.72 and a beta of 2.90.

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

Insider Buying and Selling

In related news, CAO Michelle Marie Reynolds sold 11,965 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the completion of the sale, the chief accounting officer now directly owns 48,418 shares in the company, valued at approximately $7,621,477.38. This trade represents a 19.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $160.30, for a total value of $2,244,200.00. Following the sale, the chief executive officer now directly owns 597,515 shares in the company, valued at approximately $95,781,654.50. This trade represents a 2.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 782,139 shares of company stock worth $93,843,152 over the last ninety 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 raised its holdings in Reddit by 7.5% in the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after acquiring an additional 913,189 shares during the period. Vanguard Group Inc. boosted its position in shares of Reddit by 11.1% during the 1st quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company's stock worth $1,069,828,000 after acquiring an additional 1,017,162 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Reddit by 103.0% in the 1st quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company's stock valued at $593,733,000 after purchasing an additional 2,871,232 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in Reddit by 10.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,073,939 shares of the company's stock valued at $427,357,000 after purchasing an additional 389,761 shares during the last quarter. Finally, Jennison Associates LLC bought a new position in Reddit in the 4th quarter valued at approximately $494,861,000.

Reddit Company Profile

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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