Reddit (NYSE:RDDT) Shares Up 4.7% – Still a Buy?

Reddit, Inc. (NYSE:RDDT)’s stock price traded up 4.7% on Friday . The company traded as high as $113.88 and last traded at $113.84. 2,302,489 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 5,711,939 shares. The stock had previously closed at $108.75.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Loop Capital reissued a “buy” rating and issued a $210.00 target price on shares of Reddit in a research report on Tuesday, March 11th. Morgan Stanley increased their price objective on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. B. Riley increased their price objective on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Citigroup reiterated a “neutral” rating on shares of Reddit in a research note on Thursday, February 13th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price objective on shares of Reddit in a research note on Friday. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $162.68.

Reddit Stock Performance

The firm has a market capitalization of $20.89 billion and a P/E ratio of -14.94. The business has a fifty day moving average of $171.19 and a 200-day moving average of $135.16.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, equities research analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total value of $2,314,620.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $101,577,760.02. This trade represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Christopher Brian Slowe sold 11,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was 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 of the company’s stock, valued at approximately $55,173,564.45. This trade represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 503,794 shares of company stock valued at $78,350,874 over the last quarter.

Institutional Trading of Reddit

Institutional investors have recently bought and sold shares of the company. Plato Investment Management Ltd acquired a new stake in Reddit during the fourth quarter valued at $27,000. EverSource Wealth Advisors LLC acquired a new stake in Reddit during the fourth quarter valued at $28,000. Ridgewood Investments LLC boosted its position in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. acquired a new stake in Reddit during the fourth quarter valued at $33,000. Finally, Bogart Wealth LLC acquired a new stake in Reddit during the fourth quarter valued at $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.