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

Shares of Reddit, Inc. (NYSE:RDDT) shot up 7.5% during trading on Tuesday . The company traded as high as $117.67 and last traded at $117.16. 3,519,763 shares changed 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.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RDDT. JMP Securities boosted their price target on Reddit from $84.00 to $118.00 and gave the company a “market outperform” rating in a research note on Wednesday, October 30th. Jefferies Financial Group boosted their target price on Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Needham & Company LLC boosted their target price on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group boosted their target price on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Finally, Piper Sandler reissued an “overweight” rating and set a $115.00 target price (up previously from $70.00) on shares of Reddit in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $89.72.

Reddit Stock Up 10.6 %

The company has a fifty day moving average of $71.14 and a 200 day moving average of $62.90.

Reddit (NYSE:RDDT) last posted its quarterly 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 firm had revenue of $348.40 million for 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%. Reddit’s revenue was up 67.9% compared to the same quarter last year. On average, equities analysts predict that Reddit, Inc. will post -4.05 EPS for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the transaction, the chief technology officer now directly owns 30,068 shares in the company, valued at approximately $2,329,668.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the transaction, the chief technology officer now directly owns 30,068 shares of the company’s stock, valued at $2,329,668.64. This represents 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 available through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total value of $755,720.00. Following the transaction, the chief executive officer now directly owns 672,352 shares in the company, valued at $36,293,560.96. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 390,327 shares of company stock worth $23,503,224.

Hedge Funds Weigh In On Reddit

A number of institutional investors have recently modified their holdings of RDDT. Whittier Trust Co. purchased a new stake in Reddit in the 3rd quarter valued at $42,000. BNP Paribas Financial Markets purchased a new stake in Reddit in the 1st quarter valued at $37,000. SOA Wealth Advisors LLC. purchased a new stake in Reddit in the 2nd quarter valued at $78,000. ANTIPODES PARTNERS Ltd purchased a new stake in Reddit in the 1st quarter valued at $63,000. Finally, UMB Bank n.a. purchased a new stake in Reddit in the 2nd quarter valued at $88,000.

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.