Reddit (NYSE:RDDT) Trading Down 3.5%

Reddit, Inc. (NYSE:RDDT) was down 3.5% during trading on Thursday . The company traded as low as 57.39 and last traded at 58.11. Approximately 370,361 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 5,123,678 shares. The stock had previously closed at 60.21.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on RDDT shares. Roth Capital reiterated a “buy” rating on shares of Reddit in a research report on Monday, April 15th. Loop Capital started coverage on shares of Reddit in a research report on Monday, April 15th. They issued a “buy” rating and a $55.00 target price for the company. Robert W. Baird increased their target price on shares of Reddit from $50.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Bank of America initiated coverage on shares of Reddit in a research report on Tuesday, April 16th. They issued a “neutral” rating and a $46.00 target price for the company. Finally, Roth Mkm lifted their target price on shares of Reddit from $50.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of 57.00.

Reddit Stock Performance

The business’s 50 day moving average is 52.83.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing the consensus estimate of -2.34 by -5.85. The business had revenue of 243.00 million for the quarter, compared to the consensus estimate of 213.99 million. The firm’s revenue was up 48.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.05) EPS. On average, analysts expect that Reddit, Inc. will post -4.71 EPS for the current fiscal year.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 500,000 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 16,150,000.00. Following the completion of the sale, the chief executive officer now directly owns 710,306 shares of the company’s stock, valued at 22,942,883.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Steve Ladd Huffman sold 500,000 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 16,150,000.00. Following the completion of the sale, the chief executive officer now directly owns 710,306 shares of the company’s stock, valued at 22,942,883.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David C. Habiger acquired 3,000 shares of the business’s stock in a transaction on Monday, March 25th. The stock was acquired at an average price of 34.00 per share, with a total value of 102,000.00. Following the transaction, the director now directly owns 24,906 shares of the company’s stock, valued at approximately 846,804. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 1,277,487 shares of company stock valued at $46,396,065.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. DekaBank Deutsche Girozentrale purchased a new position in shares of Reddit in the first quarter valued at $7,363,000. Rokos Capital Management LLP purchased a new position in shares of Reddit in the first quarter valued at $370,000. Janus Henderson Group PLC purchased a new position in shares of Reddit in the first quarter valued at $741,000. Blackstone Inc. purchased a new position in shares of Reddit in the first quarter valued at $36,990,000. Finally, BlueCrest Capital Management Ltd purchased a new position in shares of Reddit in the first quarter valued at $1,480,000.

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.