Reddit (NYSE:RDDT) Trading Up 4.3% – Still a Buy?

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

Analysts Set New Price Targets

A number of research firms recently issued reports on RDDT. Bank of America lifted their target price on Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. raised their price target on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Piper Sandler upped their price objective on Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. The Goldman Sachs Group increased their price objective on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Finally, Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average price target of $173.45.

Reddit Trading Up 8.0 %

The stock has a market cap of $23.98 billion and a P/E ratio of -17.11. The firm has a 50-day simple moving average of $179.61 and a two-hundred day simple moving average of $132.31.

Reddit (NYSE:RDDT) last released 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 net margin of 37.25% and a negative return on equity of 24.71%. Sell-side analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Activity at Reddit

In related news, CFO Andrew Vollero sold 48,122 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the sale, the chief financial officer now owns 599,295 shares of the company’s stock, valued at $97,565,226. This represents a 7.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Benjamin Seong Lee sold 92,299 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the transaction, the insider now directly owns 115,001 shares in the company, valued at approximately $18,095,407.35. This represents a 44.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 393,386 shares of company stock worth $66,673,388.

Institutional Investors Weigh In On Reddit

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