Reddit (NYSE:RDDT) Trading 11.3% Higher – Time to Buy?

Reddit Inc. (NYSE:RDDT)’s stock price traded up 11.3% during trading on Monday . The stock traded as high as $180.62 and last traded at $180.4510. 3,418,368 shares were traded during mid-day trading, a decline of 35% from the average session volume of 5,290,479 shares. The stock had previously closed at $162.10.

Analyst Ratings Changes

Several research analysts have commented on the stock. Raymond James Financial set a $180.00 price target on shares of Reddit and gave the company a “market perform” rating in a report on Friday, May 1st. Citizens Jmp cut their price target on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a report on Friday, May 1st. Loop Capital reissued a “buy” rating and issued a $260.00 price target on shares of Reddit in a report on Thursday, June 4th. Needham & Company LLC reissued a “buy” rating and issued a $300.00 price target on shares of Reddit in a report on Friday, May 1st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Reddit in a report on Friday, May 8th. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $230.75.

Reddit Stock Performance

The company’s 50-day moving average price is $159.63 and its two-hundred day moving average price is $175.98. The stock has a market cap of $31.95 billion, a PE ratio of 47.42 and a beta of 1.91.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.39. The firm had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business’s quarterly revenue was up 69.1% on a year-over-year basis. During the same quarter last year, the company posted $0.13 EPS. Equities research analysts forecast that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In related news, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction dated Thursday, April 16th. The shares were sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the sale, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at $175,752,182.97. The trade was a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the business’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the sale, the chief technology officer directly owned 38,413 shares in the company, valued at $5,787,686.71. The trade was a 28.75% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 211,334 shares of company stock worth $33,715,773. 28.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Reddit

Hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC raised its holdings in Reddit by 143.3% in the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after buying an additional 4,701 shares during the last quarter. Empowered Funds LLC purchased a new position in Reddit in the first quarter worth about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Reddit by 106.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after buying an additional 111,780 shares during the last quarter. Focus Partners Wealth raised its holdings in Reddit by 40.8% in the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after buying an additional 2,965 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its holdings in Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares during the last quarter.

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.