Reddit Inc. (NYSE:RDDT - Get Free Report) shares were up 7% during mid-day trading on Monday . The company traded as high as $150.25 and last traded at $153.04. Approximately 1,442,507 shares changed hands during trading, a decline of 82% from the average daily volume of 7,999,491 shares. The stock had previously closed at $143.01.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on the company. Guggenheim reaffirmed a "buy" rating and issued a $165.00 target price on shares of Reddit in a research report on Tuesday, June 24th. Redburn Atlantic began coverage on Reddit in a report on Monday, March 17th. They issued a "sell" rating and a $75.00 price objective on the stock. Morgan Stanley reduced their target price on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. JMP Securities reissued a "market outperform" rating and issued a $180.00 target price on shares of Reddit in a research report on Friday, May 2nd. Finally, Oppenheimer started coverage on shares of Reddit in a research note on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price target on the stock. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Reddit currently has a consensus rating of "Moderate Buy" and an average price target of $139.70.
View Our Latest Research Report on RDDT
Reddit Price Performance
The firm's 50 day moving average price is $120.79 and its 200-day moving average price is $141.54. The firm has a market cap of $29.03 billion, a price-to-earnings ratio of 266.70, a P/E/G ratio of 4.09 and a beta of 2.33.
Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The firm had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. During the same period in the prior year, the firm earned ($8.19) EPS. The business's revenue was up 61.5% on a year-over-year basis. Analysts expect that Reddit Inc. will post 1.12 EPS for the current year.
Insiders Place Their Bets
In related news, COO Jennifer L. Wong sold 33,333 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $124.45, for a total transaction of $4,148,291.85. Following the transaction, the chief operating officer directly owned 1,428,007 shares in the company, valued at $177,715,471.15. The trade was a 2.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Andrew Vollero sold 30,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $117.64, for a total value of $3,529,200.00. Following the completion of the sale, the chief financial officer owned 333,806 shares of the company's stock, valued at $39,268,937.84. This represents a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 617,285 shares of company stock valued at $69,599,110 in the last quarter. 34.25% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Reddit
A number of institutional investors have recently bought and sold shares of the business. Plato Investment Management Ltd bought a new position in shares of Reddit during the 4th quarter worth about $27,000. EverSource Wealth Advisors LLC acquired a new position in Reddit in the fourth quarter worth about $28,000. Tucker Asset Management LLC bought a new position in Reddit during the fourth quarter worth about $39,000. Farther Finance Advisors LLC boosted its holdings in Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after purchasing an additional 147 shares in the last quarter. Finally, CWM LLC boosted its holdings in Reddit by 100.0% during the first quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after purchasing an additional 128 shares in the last quarter.
About Reddit
(
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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