Reddit (NYSE:RDDT) Shares Down 5.1% – Time to Sell?

Reddit, Inc. (NYSE:RDDT) traded down 5.1% on Tuesday . The company traded as low as $167.32 and last traded at $169.10. 3,473,241 shares changed hands during trading, a decline of 33% from the average session volume of 5,149,702 shares. The stock had previously closed at $178.10.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Piper Sandler reiterated an “overweight” rating and set a $150.00 price target (up previously from $115.00) on shares of Reddit in a report on Tuesday, November 19th. Loop Capital lifted their target price on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Sanford C. Bernstein raised their price target on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Robert W. Baird lifted their price target on shares of Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. Finally, Bank of America increased their price target on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $124.42.

Reddit Stock Performance

The firm has a 50 day moving average price of $120.15 and a two-hundred day moving average price of $82.44.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate 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%. Reddit’s revenue for the quarter was up 67.9% compared to the same quarter last year. Sell-side analysts predict that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, CFO Andrew Vollero sold 19,838 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $143.22, for a total value of $2,841,198.36. Following the transaction, the chief financial officer now directly owns 703,615 shares of the company’s stock, valued at $100,771,740.30. This represents a 2.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $66.20, for a total transaction of $926,800.00. Following the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $43,147,505. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 278,311 shares of company stock worth $28,394,483.

Hedge Funds Weigh In On Reddit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Whittier Trust Co. bought a new position in Reddit in the 3rd quarter worth approximately $42,000. Daiwa Securities Group Inc. bought a new stake in Reddit in the third quarter valued at about $85,000. UMB Bank n.a. acquired a new position in shares of Reddit in the 2nd quarter worth approximately $88,000. SOA Wealth Advisors LLC. boosted its stake in shares of Reddit by 56.3% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after purchasing an additional 691 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Reddit in the 3rd quarter valued at $144,000.

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.