Reddit (NYSE:RDDT) Stock Price Up 6.2% - What's Next?

Shares of Reddit, Inc. (NYSE:RDDT - Get Free Report) were up 6.2% during trading on Thursday . The company traded as high as $112.34 and last traded at $111.94. Approximately 4,196,265 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 6,075,709 shares. The stock had previously closed at $105.43.

Analyst Ratings Changes

A number of research analysts recently weighed in on RDDT shares. Guggenheim decreased their target price 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. Wells Fargo & Company set a $115.00 target price on shares of Reddit and gave the company an "equal weight" rating in a research report on Monday, May 19th. Robert W. Baird decreased their target price on shares of Reddit from $140.00 to $120.00 and set a "neutral" rating for the company in a research report on Wednesday, May 21st. JPMorgan Chase & Co. decreased their target price on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Finally, Oppenheimer started coverage on Reddit in a report on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 price objective for the company. One research analyst has rated the stock with a sell rating, nine have given 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, the stock has an average rating of "Moderate Buy" and an average price target of $140.45.

Reddit Price Performance

The stock has a 50-day moving average of $106.24 and a 200 day moving average of $144.26. The company has a market cap of $20.77 billion, a P/E ratio of -14.56, a PEG ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $370.55 million. During the same quarter in the previous year, the business posted ($8.19) earnings per share. The business's revenue for the quarter was up 61.5% on a year-over-year basis. Sell-side analysts predict that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Buying and Selling at Reddit

In other news, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction dated 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 sale, the chief accounting officer now directly owns 48,418 shares of the company's stock, 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 document filed with the SEC, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 26,000 shares of Reddit stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $98.43, for a total value of $2,559,180.00. Following the sale, the chief technology officer now directly owns 251,373 shares in the company, valued at $24,742,644.39. The trade was a 9.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 768,139 shares of company stock worth $91,598,952 over the last 90 days.

Institutional Trading of Reddit

Hedge funds have recently made changes to their positions in the company. Jennison Associates LLC acquired a new stake in shares of Reddit during the fourth quarter valued at about $494,861,000. Renaissance Capital LLC lifted its stake in shares of Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock worth $5,105,000 after acquiring an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Reddit by 27.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock worth $105,003,000 after acquiring an additional 139,135 shares during the period. Assetmark Inc. lifted its stake in shares of Reddit by 1,537,566.7% in the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company's stock worth $7,539,000 after acquiring an additional 46,127 shares during the period. Finally, Chung Wu Investment Group LLC acquired a new position in shares of Reddit in the fourth quarter worth approximately $327,000.

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.