By otakuyassine3@gmail.com 
Reddit, Inc. (NYSE:RDDT – Get Free Report)’s share price traded up 5.7% on Friday . The stock traded as high as $175.88 and last traded at $175.32. 884,168 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 2,432,393 shares. The stock had previously closed at $165.91.
Analysts Set New Price Targets
Several equities analysts have weighed in on the company. The Goldman Sachs Group lifted their target price on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Piper Sandler reaffirmed an “overweight” rating and set a $150.00 price target (up previously from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. Guggenheim initiated coverage on shares of Reddit in a research report on Friday, December 20th. They set a “buy” rating and a $210.00 target price on the stock. Loop Capital lifted their price target on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. Finally, Wells Fargo & Company started coverage on shares of Reddit in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price target on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $132.70.
Check Out Our Latest Stock Analysis on Reddit
Reddit Stock Up 8.5 %
The firm has a 50 day simple moving average of $144.44 and a two-hundred day simple moving average of $91.96.
Reddit (NYSE:RDDT – Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm’s revenue was up 67.9% on a year-over-year basis. Equities research analysts expect that Reddit, Inc. will post -3.46 EPS for the current fiscal year.
Insider Buying and Selling at Reddit
In other Reddit news, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total value of $2,704,885.14. Following the sale, the insider now owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. This trade represents a 11.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 11,000 shares of the firm’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $169.85, for a total value of $1,868,350.00. Following the completion of the sale, the chief technology officer now directly owns 324,837 shares in the company, valued at $55,173,564.45. This trade represents a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 250,357 shares of company stock worth $32,983,080 over the last ninety days.
Hedge Funds Weigh In On Reddit
A number of institutional investors have recently added to or reduced their stakes in RDDT. FMR LLC grew its holdings in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. bought a new position in shares of Reddit during the third quarter valued at $474,403,000. Holocene Advisors LP lifted its holdings in shares of Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after purchasing an additional 1,923,109 shares during the period. Point72 Asset Management L.P. grew its position in shares of Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after buying an additional 2,225,895 shares during the period. Finally, Lord Abbett & CO. LLC increased its stake in shares of Reddit by 1,519.4% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after acquiring an additional 1,548,450 shares in the last quarter.
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.
Further Reading
Receive News & Ratings for Reddit Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Reddit and related companies with MarketBeat.com’s FREE daily email newsletter.