Reddit (NYSE:RDDT) Shares Up 4.3% – What’s Next?

Shares of Reddit, Inc. (NYSE:RDDT) traded up 4.3% on Wednesday . The company traded as high as $136.47 and last traded at $128.02. 4,593,860 shares changed hands during trading, a decline of 18% from the average session volume of 5,577,183 shares. The stock had previously closed at $122.73.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of analyst reports. Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. Loop Capital reissued a “buy” rating on shares of Reddit in a report on Tuesday. Morgan Stanley increased their target price on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Guggenheim started coverage on shares of Reddit in a research report on Friday, December 20th. They set a “buy” rating and a $210.00 price target for the company. Finally, The Goldman Sachs Group increased their target price on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $173.45.

Reddit Trading Up 5.1 %

The business has a fifty day moving average price of $178.06 and a 200-day moving average price of $132.22. The stock has a market capitalization of $23.10 billion and a PE ratio of -16.52.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, equities analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $176.20, for a total value of $2,466,800.00. Following the sale, the chief executive officer now directly owns 620,971 shares of the company’s stock, valued at approximately $109,415,090.20. The trade was a 2.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total value of $1,883,410.65. Following the sale, the chief accounting officer now directly owns 48,418 shares in the company, valued at $7,621,477.38. The trade was a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 393,386 shares of company stock worth $66,673,388 in the last ninety days.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Ridgewood Investments LLC boosted its holdings in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the period. Proficio Capital Partners LLC boosted its holdings in shares of Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock valued at $966,000 after purchasing an additional 120 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of Reddit by 148.5% in 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 during the period. UMB Bank n.a. boosted its holdings in shares of Reddit by 10.8% in the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after purchasing an additional 150 shares during the period. Finally, Foundations Investment Advisors LLC boosted its holdings in shares of Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock valued at $870,000 after purchasing an additional 155 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.