Reddit, Inc. (NYSE:RDDT - Get Free Report)'s stock price gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $150.72, but opened at $147.02. Reddit shares last traded at $146.51, with a volume of 793,856 shares changing hands.
Specifically, insider Benjamin Seong Lee sold 92,299 shares of the firm's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the transaction, the insider now directly owns 115,001 shares of the company's stock, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the business's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the transaction, the chief accounting officer now owns 48,418 shares in the company, valued at $7,621,477.38. The trade was a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $160.30, for a total transaction of $2,244,200.00. Following the transaction, the chief executive officer now directly owns 597,515 shares in the company, valued at $95,781,654.50. The trade was a 2.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.
Several research firms have recently commented on RDDT. Bank of America lifted their price target on shares of Reddit from $180.00 to $190.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Loop Capital raised their price objective on shares of Reddit from $180.00 to $210.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Jefferies Financial Group upped their price objective on Reddit from $120.00 to $175.00 and gave the stock a "buy" rating in a research report on Monday, November 25th. Seaport Res Ptn upgraded Reddit to a "hold" rating in a report on Thursday, February 6th. Finally, Raymond James increased their price target on Reddit from $200.00 to $250.00 and gave the company a "strong-buy" rating in a research report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Reddit currently has a consensus rating of "Moderate Buy" and an average price target of $175.95.
View Our Latest Analysis on RDDT
The company has a market cap of $26.09 billion and a price-to-earnings ratio of -18.69. The firm's 50-day moving average price is $182.40 and its 200-day moving average price is $129.91.
Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 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%. On average, sell-side analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.
Several institutional investors and hedge funds have recently bought and sold shares of RDDT. FMR LLC raised its position in shares of Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after purchasing an additional 913,189 shares during the period. Vanguard Group Inc. increased its position in Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after buying an additional 5,950,909 shares during the period. Jennison Associates LLC bought a new stake in Reddit in the fourth quarter valued at $494,861,000. Holocene Advisors LP boosted its holdings in shares of Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock valued at $198,154,000 after acquiring an additional 1,923,109 shares during the period. Finally, Alliancebernstein L.P. grew its position in shares of Reddit by 1,011.1% during the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after acquiring an additional 2,537,768 shares during the last quarter.
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.
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