Reddit (NYSE:RDDT) Trading 5.7% Higher – What’s Next?

Reddit, Inc. (NYSE:RDDT)’s stock price was up 5.7% on Friday . The company traded as high as $175.88 and last traded at $175.32. Approximately 884,168 shares traded hands during trading, a decline of 64% from the average daily volume of 2,432,393 shares. The stock had previously closed at $165.91.

Analysts Set New Price Targets

Several research firms have weighed in on RDDT. Sanford C. Bernstein upped their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Loop Capital boosted their target price on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. JPMorgan Chase & Co. boosted their price objective on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. JMP Securities increased their target price on shares of Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research report on Monday, November 25th. Finally, Bank of America raised their price target on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $132.70.

Reddit Stock Performance

The stock’s 50 day moving average is $144.44 and its 200-day moving average is $91.96.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business’s revenue for the quarter was up 67.9% compared to the same quarter last year. As a group, equities analysts forecast that Reddit, Inc. will post -3.46 EPS for the current year.

Insider Buying and Selling at Reddit

In other news, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the completion of the transaction, the insider now directly owns 138,401 shares in the company, valued at $20,214,850.06. This trade represents a 11.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $75.43, for a total value of $1,056,020.00. Following the completion of the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at $49,163,388.25. This represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 250,357 shares of company stock valued at $32,983,080 over the last ninety days.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently made changes to their positions in the business. StoneCrest Wealth Management Inc. boosted its holdings in Reddit by 2.6% in the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after acquiring an additional 176 shares during the period. Whittier Trust Co. bought a new position in Reddit in the 3rd quarter valued at about $42,000. SOA Wealth Advisors LLC. raised its holdings in Reddit by 56.3% during the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after purchasing an additional 691 shares in the last quarter. MML Investors Services LLC lifted its holdings in shares of Reddit by 12.0% in the third quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock valued at $467,000 after buying an additional 757 shares during the period. Finally, Vestor Capital LLC grew its holdings in shares of Reddit by 1.1% during the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock valued at $5,589,000 after buying an additional 922 shares in the last quarter.

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.