Reddit (NYSE:RDDT) Trading Down 4.7% – Time to Sell?

Reddit, Inc. (NYSE:RDDT)’s share price fell 4.7% during trading on Friday . The company traded as low as $195.73 and last traded at $195.36. 2,756,588 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 5,494,323 shares. The stock had previously closed at $204.95.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several recent analyst reports. Needham & Company LLC increased their target price on Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday. Wells Fargo & Company raised their price objective on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday. The Goldman Sachs Group boosted their target price on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. JPMorgan Chase & Co. increased their price target on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Roth Mkm downgraded shares of Reddit from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $175.45.

Reddit Stock Down 3.9 %

The company has a market capitalization of $34.60 billion and a price-to-earnings ratio of -25.43. The stock’s 50-day moving average price is $181.65 and its 200-day moving average price is $117.91.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. On average, equities research analysts anticipate that Reddit, Inc. will post -3.45 EPS for the current year.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the completion of the transaction, the chief operating officer now owns 1,504,297 shares in the company, valued at approximately $261,642,377.21. The trade was a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $141.79, for a total transaction of $1,985,060.00. Following the completion of the sale, the chief executive officer now owns 634,971 shares in the company, valued at approximately $90,032,538.09. This trade represents a 2.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 245,357 shares of company stock valued at $39,357,388 over the last ninety days.

Institutional Trading of Reddit

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