Reddit (NYSE:RDDT) Trading Up 7.5% – Time to Buy?

Reddit, Inc. (NYSE:RDDT) shares were up 7.5% during mid-day trading on Tuesday . The company traded as high as $117.67 and last traded at $117.16. Approximately 3,519,763 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 4,807,594 shares. The stock had previously closed at $109.03.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Raymond James raised their price target on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 10th. The Goldman Sachs Group raised their price objective on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Needham & Company LLC lifted their price target on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Sanford C. Bernstein increased their target price on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Finally, Morgan Stanley lifted their price objective on shares of Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $89.72.

Reddit Trading Up 8.6 %

The company has a 50-day moving average price of $73.72 and a 200-day moving average price of $63.88.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company’s revenue for the quarter was up 67.9% compared to the same quarter last year. Research analysts anticipate that Reddit, Inc. will post -3.63 EPS for the current year.

Insider Buying and Selling at Reddit

In related news, Director Mary Porter Gale sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the transaction, the director now owns 46,459 shares in the company, valued at $5,314,909.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the sale, the chief executive officer now directly owns 672,352 shares in the company, valued at approximately $36,293,560.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mary Porter Gale sold 5,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the completion of the sale, the director now directly owns 46,459 shares of the company’s stock, valued at $5,314,909.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 409,327 shares of company stock valued at $25,659,044.

Hedge Funds Weigh In On Reddit

Several hedge funds have recently made changes to their positions in the business. VY Capital Management Co. Ltd. bought a new stake in shares of Reddit during the 3rd quarter worth $474,403,000. Inclusive Capital Partners L.P. purchased a new stake in shares of Reddit during the first quarter valued at $103,051,000. Vanguard Group Inc. acquired a new position in shares of Reddit in the 1st quarter valued at $82,167,000. Bank of New York Mellon Corp increased its stake in Reddit by 10.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after purchasing an additional 153,282 shares in the last quarter. Finally, Marshall Wace LLP raised its holdings in Reddit by 117.2% during the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after buying an additional 457,588 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.