Reddit (NYSE:RDDT) Shares Gap Up – What’s Next?

Reddit, Inc. (NYSE:RDDT) gapped up before the market opened on Wednesday . The stock had previously closed at $122.73, but opened at $134.79. Reddit shares last traded at $129.09, with a volume of 2,995,073 shares.

Wall Street Analyst Weigh In

RDDT has been the subject of several research reports. Jefferies Financial Group increased their price target on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Loop Capital reaffirmed a “buy” rating on shares of Reddit in a report on Tuesday. B. Riley increased their price objective on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Finally, The Goldman Sachs Group lifted their price objective on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $175.95.

Reddit Stock Up 8.5 %

The company has a 50-day moving average of $179.61 and a 200 day moving average of $132.31. The firm has a market capitalization of $24.08 billion and a PE ratio of -17.14.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate 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 analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other news, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total value of $14,523,247.65. Following the transaction, the insider now owns 115,001 shares in the company, valued at approximately $18,095,407.35. The trade was a 44.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $176.20, for a total value of $2,466,800.00. Following the transaction, the chief executive officer now owns 620,971 shares in the company, valued at approximately $109,415,090.20. The trade was a 2.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 393,386 shares of company stock worth $66,673,388 over the last 90 days.

Institutional Trading of Reddit

A number of institutional investors have recently made changes to their positions in the stock. Plato Investment Management Ltd purchased a new position in Reddit during the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC bought a new position in shares of Reddit during the fourth quarter valued at approximately $28,000. Ridgewood Investments LLC lifted its stake in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit during the fourth quarter valued at about $33,000. Finally, Bogart Wealth LLC purchased a new stake in Reddit in the fourth quarter worth about $33,000.

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.