Reddit (NYSE:RDDT) Shares Up 4.7% – Time to Buy?

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

Analyst Ratings Changes

Several brokerages have weighed in on RDDT. Seaport Res Ptn raised shares of Reddit to a “hold” rating in a research report on Thursday, February 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 target price on shares of Reddit in a research report on Friday. Roth Capital cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Morgan Stanley raised their target price on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Finally, Roth Mkm cut shares of Reddit from a “buy” rating to a “neutral” rating and raised their target price for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Reddit currently has an average rating of “Hold” and an average price target of $162.68.

Reddit Price Performance

The business’s 50 day moving average price is $172.23 and its 200 day moving average price is $134.23. The stock has a market capitalization of $20.91 billion and a P/E ratio of -14.98.

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

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $101,577,760.02. This represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Benjamin Seong Lee sold 92,299 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the sale, the insider now directly owns 115,001 shares in the company, valued at approximately $18,095,407.35. The trade was a 44.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 503,794 shares of company stock valued at $78,350,874.

Institutional Investors Weigh In On Reddit

A number of hedge funds have recently bought and sold shares of the business. Ridgewood Investments LLC raised its stake 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 in the last quarter. Proficio Capital Partners LLC raised its stake in Reddit by 2.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock valued at $966,000 after purchasing an additional 120 shares in the last quarter. Farther Finance Advisors LLC raised its stake in Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after purchasing an additional 147 shares in the last quarter. UMB Bank n.a. raised its stake in Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after purchasing an additional 150 shares in the last quarter. Finally, Foundations Investment Advisors LLC raised its stake in shares of Reddit by 3.0% in the fourth 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 during the period.

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.