Reddit, Inc. (NYSE:RDDT – Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $182.20 and last traded at $179.85, with a volume of 1568290 shares changing hands. The stock had previously closed at $177.41.
Analysts Set New Price Targets
Several research analysts have recently issued reports on RDDT shares. B. Riley reiterated a “buy” rating and issued a $112.00 price objective (up from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Bank of America increased their price target on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Raymond James boosted their price objective on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 10th. Roth Mkm raised their target price on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Robert W. Baird boosted their price target on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.70.
View Our Latest Stock Analysis on Reddit
Reddit Trading Down 1.8 %
Reddit (NYSE:RDDT – Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company’s quarterly revenue was up 67.9% on a year-over-year basis. On average, equities analysts forecast that Reddit, Inc. will post -3.46 earnings per share for the current year.
Insiders Place Their Bets
In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $75.43, for a total transaction of $1,056,020.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $49,163,388.25. The trade was a 2.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the sale, the chief technology officer now owns 30,068 shares in the company, valued at $2,329,668.64. This represents a 14.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 264,357 shares of company stock valued at $33,909,880.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of RDDT. Raymond James & Associates lifted its holdings in Reddit by 706.1% during the second quarter. Raymond James & Associates now owns 42,641 shares of the company’s stock worth $2,724,000 after acquiring an additional 37,351 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in shares of Reddit during the 2nd quarter valued at about $1,201,000. UMB Bank n.a. acquired a new position in shares of Reddit in the 2nd quarter valued at approximately $88,000. Commonwealth Equity Services LLC increased its stake in Reddit by 11.8% during the 2nd quarter. Commonwealth Equity Services LLC now owns 25,185 shares of the company’s stock worth $1,609,000 after purchasing an additional 2,659 shares in the last quarter. Finally, Regal Partners Ltd acquired a new stake in Reddit during the 2nd quarter worth approximately $4,620,000.
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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