Reddit (NYSE:RDDT) Director Purchases $6,548,976.00 in Stock

Reddit Inc. (NYSE:RDDT) Director Sarah Farrell acquired 43,800 shares of Reddit stock in a transaction on Tuesday, February 10th. The stock was purchased at an average price of $149.52 per share, with a total value of $6,548,976.00. Following the transaction, the director directly owned 43,800 shares in the company, valued at approximately $6,548,976. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Reddit Price Performance

Shares of RDDT traded down $8.34 on Thursday, reaching $130.95. 8,671,783 shares of the stock traded hands, compared to its average volume of 6,709,134. The stock’s 50-day moving average price is $216.50 and its 200-day moving average price is $215.06. The firm has a market cap of $24.82 billion, a price-to-earnings ratio of 53.16, a P/E/G 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 results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. The firm had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The business’s revenue was up 69.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 earnings per share. As a group, equities research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently issued reports on RDDT shares. Needham & Company LLC reissued a “buy” rating and issued a $300.00 price target on shares of Reddit in a research report on Friday, February 6th. UBS Group set a $265.00 price objective on Reddit in a research note on Tuesday, January 13th. Wells Fargo & Company set a $196.00 target price on Reddit in a research report on Monday. Argus set a $300.00 price target on Reddit in a research note on Friday, January 9th. Finally, B. Riley Financial upped their price target on Reddit from $245.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and an average price target of $240.93.

Institutional Investors Weigh In On Reddit

A number of hedge funds and other institutional investors have recently bought and sold shares of RDDT. Raiffeisen Bank International AG bought a new position in Reddit in the 3rd quarter valued at $25,000. GW&K Investment Management LLC acquired a new stake in shares of Reddit in the third quarter valued at $30,000. Cornerstone Planning Group LLC increased its stake in shares of Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after buying an additional 135 shares in the last quarter. LOM Asset Management Ltd bought a new position in shares of Reddit in the fourth quarter valued at about $33,000. Finally, Financial Perspectives Inc bought a new position in shares of Reddit in the second quarter valued at about $34,000.

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.