Sarah Farrell Purchases 6,700 Shares of Reddit (NYSE:RDDT) Stock

Reddit Inc. (NYSE:RDDT) Director Sarah Farrell acquired 6,700 shares of the stock in a transaction on Wednesday, February 11th. The shares were purchased at an average cost of $139.27 per share, with a total value of $933,109.00. Following the transaction, the director directly owned 50,500 shares of the company’s stock, valued at approximately $7,033,135. This trade represents a 15.30% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Reddit Stock Down 6.0%

Shares of NYSE:RDDT traded down $8.34 during midday trading on Thursday, reaching $130.95. The company’s stock had a trading volume of 8,671,783 shares, compared to its average volume of 6,709,134. The firm has a 50 day moving average of $216.50 and a 200-day moving average of $215.06. The firm has a market capitalization of $24.82 billion, a P/E ratio of 49.98, a PEG ratio of 1.03 and a beta of 2.17. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The business had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. During the same quarter in the previous year, the firm posted $0.36 earnings per share. Reddit’s quarterly revenue was up 69.7% on a year-over-year basis. On average, research analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

Institutional Trading of Reddit

A number of large investors have recently made changes to their positions in RDDT. Huntington National Bank lifted its position in Reddit by 25.6% during the third quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after purchasing an additional 55 shares during the period. Institute for Wealth Management LLC. raised its stake in Reddit by 6.1% during the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after buying an additional 62 shares during the last quarter. Roxbury Financial LLC lifted its holdings in shares of Reddit by 7.4% during the 4th quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock valued at $214,000 after buying an additional 64 shares during the period. Resona Asset Management Co. Ltd. lifted its holdings in shares of Reddit by 0.3% during the 2nd quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock valued at $3,023,000 after buying an additional 65 shares during the period. Finally, AdvisorNet Financial Inc boosted its stake in shares of Reddit by 2.8% in the 3rd quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock worth $567,000 after buying an additional 66 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RDDT. Evercore ISI set a $290.00 price objective on Reddit and gave the company an “outperform” rating in a research report on Friday, February 6th. Weiss Ratings reissued a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 29th. Wall Street Zen lowered Reddit from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. The Goldman Sachs Group dropped their price target on shares of Reddit from $236.00 to $206.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $285.00 price objective on shares of Reddit in a research note on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and a consensus target price of $240.93.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.