Reddit, Inc. (NYSE:RDDT) Director Purchases $100,898.64 in Stock

Reddit, Inc. (NYSE:RDDT) Director David C. Habiger bought 774 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was purchased at an average cost of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the transaction, the director now owns 30,808 shares in the company, valued at approximately $4,016,130.88. The trade was a 2.58 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Reddit Price Performance

RDDT stock opened at $127.71 on Friday. The business has a fifty day moving average price of $177.06 and a 200 day moving average price of $132.71. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The stock has a market capitalization of $23.10 billion and a price-to-earnings ratio of -16.52.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, equities analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RDDT. Entropy Technologies LP bought a new position in Reddit in the 3rd quarter valued at $231,000. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Reddit by 64.9% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 512,871 shares of the company’s stock worth $33,808,000 after purchasing an additional 201,776 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Reddit by 903.8% in the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after purchasing an additional 453,894 shares during the last quarter. Claro Advisors LLC bought a new position in shares of Reddit in the 3rd quarter worth $1,879,000. Finally, Prospera Financial Services Inc bought a new position in shares of Reddit in the 3rd quarter worth $248,000.

Analyst Ratings Changes

Several analysts have recently issued reports on RDDT shares. Robert W. Baird upped their price target on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. B. Riley upped their price target on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Piper Sandler upped their price target on Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Finally, Raymond James decreased their target price on Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus target price of $173.45.

About Reddit

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.