Reddit (NYSE:RDDT) Stock Price Down 6.8% – Time to Sell?

Reddit, Inc. (NYSE:RDDT) traded down 6.8% on Tuesday . The stock traded as low as $154.33 and last traded at $155.88. 7,026,928 shares changed hands during trading, an increase of 37% from the average session volume of 5,119,668 shares. The stock had previously closed at $167.17.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on RDDT shares. Sanford C. Bernstein lifted their target price on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. Roth Mkm raised their price target on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. B. Riley reissued a “buy” rating and set a $112.00 price target (up from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Raymond James lifted their target price on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 10th. Finally, The Goldman Sachs Group lifted their target price on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $110.39.

Reddit Stock Down 6.7 %

The business’s 50 day simple moving average is $110.31 and its 200 day simple moving average is $78.53.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The firm’s revenue for the quarter was up 67.9% on a year-over-year basis. Equities research analysts anticipate that Reddit, Inc. will post -3.54 EPS for the current year.

Insider Buying and Selling

In related news, insider Benjamin Seong Lee sold 18,519 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the transaction, the insider now owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. This represents a 11.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Jennifer L. Wong sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the transaction, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $100,275,129.57. The trade was a 3.14 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 325,644 shares of company stock valued at $31,195,790.

Hedge Funds Weigh In On Reddit

Several institutional investors and hedge funds have recently modified their holdings of RDDT. FMR LLC increased its position in Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. acquired a new position in Reddit during the third quarter worth approximately $474,403,000. Holocene Advisors LP increased its position in Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after purchasing an additional 1,923,109 shares during the last quarter. Point72 Asset Management L.P. increased its position 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, Bank of New York Mellon Corp increased its position in Reddit by 10.1% during the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after purchasing an additional 153,282 shares during the last quarter.

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.