Reddit (NYSE:RDDT) Stock Price Down 4.7% – What’s Next?

Reddit, Inc. (NYSE:RDDT) shares were down 4.7% during mid-day trading on Friday . The stock traded as low as $195.73 and last traded at $195.36. Approximately 2,756,588 shares were traded during trading, a decline of 50% from the average daily volume of 5,494,323 shares. The stock had previously closed at $204.95.

Analyst Ratings Changes

Several equities research analysts have recently commented on RDDT shares. Roth Mkm downgraded Reddit from a “buy” rating to a “neutral” rating and increased their price objective for the company from $116.00 to $195.00 in a report on Wednesday, January 22nd. Sanford C. Bernstein lifted their price objective on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group upped their target price on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Roth Capital cut Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. Finally, Needham & Company LLC upped their price objective on Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $175.45.

Reddit Price Performance

The company has a market cap of $34.60 billion and a P/E ratio of -25.43. The stock has a 50-day moving average of $181.65 and a 200 day moving average of $117.91.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Sell-side analysts predict that Reddit, Inc. will post -3.45 EPS for the current year.

Insider Activity

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $197,635,015.41. The trade was a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 19,838 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the transaction, the chief financial officer now owns 703,615 shares of the company’s stock, valued at $100,771,740.30. This trade represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 245,357 shares of company stock worth $39,357,388.

Institutional Investors Weigh In On Reddit

Large investors have recently modified their holdings of the company. Plato Investment Management Ltd acquired a new position in shares of Reddit during the 4th quarter valued at $27,000. EverSource Wealth Advisors LLC bought a new stake in Reddit in the 4th quarter valued at about $28,000. Ridgewood Investments LLC raised its stake in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the period. Farmers & Merchants Investments Inc. acquired a new position in Reddit during the 4th quarter worth approximately $33,000. Finally, Bogart Wealth LLC bought a new position in Reddit in the fourth quarter worth approximately $33,000.

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.