Reddit (NYSE:RDDT) Shares Down 8.6% – Time to Sell?

Reddit, Inc. (NYSE:RDDT)’s share price traded down 8.6% during trading on Thursday . The company traded as low as $172.20 and last traded at $173.43. 5,745,156 shares were traded during mid-day trading, a decline of 0% from the average session volume of 5,750,339 shares. The stock had previously closed at $189.66.

Analyst Ratings Changes

Several research firms have recently commented on RDDT. Needham & Company LLC boosted their target price on shares of Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. JMP Securities increased their target price on Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research note on Thursday, February 13th. Piper Sandler reaffirmed an “overweight” rating and set a $210.00 price target (up previously from $197.00) on shares of Reddit in a research note on Thursday, February 13th. Loop Capital increased their price objective on Reddit from $180.00 to $210.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Finally, Morgan Stanley boosted their target price on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $175.45.

Reddit Stock Down 9.6 %

The company has a market capitalization of $30.09 billion and a PE ratio of -22.22. The stock’s fifty day moving average price is $184.02 and its two-hundred day moving average price is $122.04.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates 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 research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Transactions at Reddit

In related news, CTO Christopher Brian Slowe sold 21,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.01, for a total transaction of $3,066,210.00. Following the completion of the sale, the chief technology officer now owns 297,925 shares in the company, valued at approximately $43,500,029.25. This trade represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value of $2,704,885.14. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 212,024 shares of company stock valued at $35,086,431 over the last quarter.

Institutional Investors Weigh In On Reddit

Institutional investors have recently added to or reduced their stakes in the stock. Plato Investment Management Ltd purchased a new position in shares of Reddit in the fourth quarter worth $27,000. EverSource Wealth Advisors LLC bought a new stake in Reddit in the 4th quarter valued at $28,000. Ridgewood Investments LLC lifted its stake in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. bought a new position in shares of Reddit during the 4th quarter valued at about $33,000. Finally, Bogart Wealth LLC purchased a new position in shares of Reddit during the fourth quarter valued at about $33,000.

About Reddit

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.