Reddit (NYSE:RDDT) Shares Up 4.3% – What’s Next?

Reddit, Inc. (NYSE:RDDT)’s share price shot up 4.3% during trading on Wednesday . The company traded as high as $136.47 and last traded at $128.02. 4,593,860 shares traded hands during mid-day trading, a decline of 18% from the average session volume of 5,577,183 shares. The stock had previously closed at $122.73.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on RDDT shares. Citigroup reiterated a “neutral” rating on shares of Reddit in a research report on Thursday, February 13th. B. Riley boosted their target price on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. lifted their price target on Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Finally, Loop Capital reaffirmed a “buy” rating on shares of Reddit in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and an average price target of $173.45.

Reddit Trading Up 5.1 %

The business has a 50-day moving average of $178.06 and a 200 day moving average of $132.22. The firm has a market capitalization of $23.10 billion and a P/E ratio of -16.52.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. As a group, research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 620,971 shares in the company, valued at $109,415,090.20. This represents a 2.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now directly owns 48,418 shares of the company’s stock, valued at $7,621,477.38. This represents a 19.82 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 393,386 shares of company stock valued at $66,673,388.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDDT. Ridgewood Investments LLC lifted its stake in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the period. Proficio Capital Partners LLC increased its stake in shares of Reddit by 2.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after purchasing an additional 120 shares in the last quarter. Farther Finance Advisors LLC boosted its position in Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock worth $40,000 after acquiring an additional 147 shares during the last quarter. UMB Bank n.a. boosted its holdings in Reddit by 10.8% in the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after purchasing an additional 150 shares during the last quarter. Finally, Foundations Investment Advisors LLC boosted its holdings in Reddit by 3.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock valued at $870,000 after purchasing an additional 155 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.