Reddit (NYSE:RDDT) Shares Up 1% – Here’s Why

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on RDDT. Guggenheim dropped their target price on Reddit from $170.00 to $165.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Robert W. Baird reduced their price objective on Reddit from $140.00 to $120.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 21st. Redburn Partners set a $75.00 target price on shares of Reddit in a report on Monday, March 17th. JPMorgan Chase & Co. cut their price objective on Reddit from $185.00 to $110.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Finally, Truist Financial initiated coverage on Reddit in a research report on Monday, April 7th. They issued a “buy” rating and a $150.00 target price for the company. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus price target of $139.78.

Reddit Stock Down 1.7%

The stock’s fifty day simple moving average is $106.07 and its 200 day simple moving average is $144.34. The firm has a market capitalization of $20.34 billion, a PE ratio of -14.26, a PEG ratio of 4.72 and a beta of 2.90.

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

Insiders Place Their Bets

In related news, CAO Michelle Marie Reynolds sold 2,729 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $4,179,081.45. This represents a 6.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Christopher Brian Slowe sold 26,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief technology officer now directly owns 251,373 shares in the company, valued at approximately $24,742,644.39. This represents a 9.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold 663,875 shares of company stock worth $75,192,294 in the last three months.

Institutional Trading of Reddit

A number of large investors have recently made changes to their positions in the stock. Signaturefd LLC increased its stake in shares of Reddit by 3.5% during the first quarter. Signaturefd LLC now owns 2,859 shares of the company’s stock valued at $300,000 after buying an additional 97 shares during the period. Proficio Capital Partners LLC lifted its stake in shares of Reddit by 2.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after buying an additional 120 shares during the period. CWM LLC increased its holdings in shares of Reddit by 100.0% in the first 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. Farther Finance Advisors LLC raised its position in Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock worth $40,000 after buying an additional 147 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position in Reddit by 12.5% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,323 shares of the company’s stock valued at $139,000 after purchasing an additional 147 shares during the period.

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.