Reddit (NYSE:RDDT) Trading 7.5% Higher – What’s Next?

Reddit, Inc. (NYSE:RDDT) shares traded up 7.5% on Tuesday . The stock traded as high as $117.67 and last traded at $117.16. 3,519,763 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 4,807,594 shares. The stock had previously closed at $109.03.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Cannonball Research assumed coverage on Reddit in a research report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price target for the company. Bank of America boosted their target price on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Roth Mkm raised their price target on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Needham & Company LLC boosted their price objective on shares of Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group raised their target price on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $89.72.

Reddit Stock Up 8.6 %

The company has a fifty day moving average of $73.72 and a 200-day moving average of $63.88.

Reddit (NYSE:RDDT) last released its 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. The business had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business’s revenue was up 67.9% compared to the same quarter last year. Equities research analysts anticipate that Reddit, Inc. will post -3.63 earnings per share for the current year.

Insiders Place Their Bets

In other Reddit news, Director Mary Porter Gale sold 15,000 shares of Reddit stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $52.73, for a total transaction of $790,950.00. Following the transaction, the director now directly owns 101,459 shares of the company’s stock, valued at $5,349,933.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Reddit news, Director Mary Porter Gale sold 15,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the completion of the sale, the director now owns 101,459 shares of the company’s stock, valued at $5,349,933.07. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the completion of the transaction, the chief executive officer now directly owns 672,352 shares in the company, valued at approximately $36,293,560.96. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 409,327 shares of company stock valued at $25,659,044 in the last three months.

Institutional Trading of Reddit

Institutional investors and hedge funds have recently bought and sold shares of the business. VY Capital Management Co. Ltd. purchased a new stake in Reddit during the third quarter worth $474,403,000. Inclusive Capital Partners L.P. acquired a new stake in shares of Reddit in the first quarter worth $103,051,000. Vanguard Group Inc. acquired a new position in shares of Reddit during the 1st quarter valued at $82,167,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Reddit during the 1st quarter valued at $37,015,000. Finally, Blackstone Inc. purchased a new stake in Reddit during the 1st quarter worth $36,990,000.

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.