Reddit (NYSE:RDDT) Trading Up 2.2% - Here's What Happened

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

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on RDDT. Oppenheimer began coverage on shares of Reddit in a research note on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 target price for the company. Needham & Company LLC lifted their target price on shares of Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Roth Capital reiterated a "neutral" rating on shares of Reddit in a research note on Friday, May 2nd. The Goldman Sachs Group lifted their target price on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Finally, Raymond James cut their target price on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research note on Wednesday, March 12th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $140.45.

Reddit Trading Up 3.2%

The company has a market cap of $20.77 billion, a price-to-earnings ratio of -14.56, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. The firm's fifty day moving average price is $106.24 and its 200-day moving average price is $144.34.

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

Insider Activity at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the business's stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the sale, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at $137,800,524.81. The trade was a 2.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of the business's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the sale, the chief executive officer now directly owns 583,515 shares in the company, valued at $74,316,470.40. This trade represents a 17.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 768,139 shares of company stock valued at $91,598,952.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently added to or reduced their stakes in RDDT. Plato Investment Management Ltd bought a new stake in Reddit during the 4th quarter worth about $27,000. CWM LLC raised its holdings in shares of Reddit by 100.0% in the 1st quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after purchasing an additional 128 shares during the period. EverSource Wealth Advisors LLC bought a new stake in shares of Reddit in the 4th quarter valued at about $28,000. Stone House Investment Management LLC bought a new stake in shares of Reddit in the 1st quarter valued at about $31,000. Finally, Farmers & Merchants Investments Inc. bought a new stake in shares of Reddit in the 4th quarter valued at about $33,000.

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.