Reddit (NYSE:RDDT) Shares Up 4.7% – Time to Buy?

Reddit, Inc. (NYSE:RDDT) shares traded up 4.7% on Friday . The stock traded as high as $113.88 and last traded at $113.84. 2,302,489 shares were traded during mid-day trading, a decline of 60% from the average session volume of 5,711,939 shares. The stock had previously closed at $108.75.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. B. Riley increased their target price on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Bank of America increased their target price on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Jefferies Financial Group raised their price target on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, JMP Securities raised their price target on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 13th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $162.68.

Reddit Stock Performance

The firm has a market capitalization of $20.91 billion and a P/E ratio of -14.98. The business’s fifty day moving average price is $172.23 and its two-hundred day moving average price is $134.23.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating 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

In related news, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the sale, the insider now directly owns 115,001 shares in the company, valued at $18,095,407.35. This trade represents a 44.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $101,577,760.02. This trade represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 503,794 shares of company stock worth $78,350,874.

Institutional Trading of Reddit

A number of institutional investors have recently bought and sold shares of RDDT. Prospera Financial Services Inc acquired a new stake in Reddit in the 3rd quarter worth approximately $248,000. Charles Schwab Investment Management Inc. raised its position in Reddit by 194.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company’s stock worth $33,179,000 after buying an additional 332,604 shares during the last quarter. GM Advisory Group LLC purchased a new position in Reddit during the 3rd quarter worth approximately $255,000. Meridian Wealth Management LLC raised its position in Reddit by 29.7% during the 3rd quarter. Meridian Wealth Management LLC now owns 45,650 shares of the company’s stock worth $3,009,000 after buying an additional 10,466 shares during the last quarter. Finally, Cerity Partners LLC purchased a new position in Reddit during the 3rd quarter worth approximately $446,000.

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.