Reddit (NYSE:RDDT) Shares Up 2.8% – Here’s What Happened

Reddit, Inc. (NYSE:RDDT)’s stock price rose 2.8% on Tuesday . The company traded as high as $107.71 and last traded at $107.83. Approximately 1,240,076 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 5,312,696 shares. The stock had previously closed at $104.90.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Piper Sandler lifted their price objective on Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Roth Mkm downgraded shares of Reddit from a “buy” rating to a “neutral” rating and lifted their price target for the company from $116.00 to $195.00 in a report on Wednesday, January 22nd. Bank of America boosted their price target on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Citigroup reiterated an “outperform” rating on shares of Reddit in a research note on Friday, March 28th. Finally, Loop Capital reissued a “buy” rating and issued a $210.00 target price on shares of Reddit in a report on Tuesday, March 11th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $163.00.

Reddit Stock Performance

The company has a market cap of $19.78 billion and a price-to-earnings ratio of -14.14. The firm’s 50-day moving average price is $161.47 and its 200 day moving average price is $138.29.

Reddit (NYSE:RDDT) last released its 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%. As a group, equities research analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 124,408 shares of the firm’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the sale, the chief executive officer now owns 583,515 shares of the company’s stock, valued at $74,316,470.40. This trade represents a 17.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $187.72, for a total value of $6,257,270.76. Following the completion of the transaction, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at $282,386,632.84. This represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 603,794 shares of company stock worth $89,386,704.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after acquiring an additional 5,950,909 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $494,861,000. Alliancebernstein L.P. lifted its position in shares of Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after purchasing an additional 2,537,768 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after purchasing an additional 2,225,895 shares during the last quarter. Finally, Brooklyn FI LLC bought a new position in Reddit in the fourth quarter valued at $303,082,000.

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.