Reddit (NYSE:RDDT) Shares Up 4.7% – Still a Buy?

Reddit, Inc. (NYSE:RDDT) shares shot up 4.7% on Friday . The company traded as high as $113.88 and last traded at $113.84. 2,302,489 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 5,711,939 shares. The stock had previously closed at $108.75.

Wall Street Analysts Forecast Growth

Several research analysts have commented on RDDT shares. Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Bank of America lifted their price target on shares of Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. JPMorgan Chase & Co. lifted their price target on shares of Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Guggenheim decreased their price target on shares of Reddit from $210.00 to $170.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Seaport Res Ptn raised shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. Two research analysts have 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 company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $162.68.

Reddit Stock Up 6.2 %

The firm has a market cap of $20.89 billion and a P/E ratio of -14.94. The firm’s fifty day moving average is $171.19 and its two-hundred day moving average is $135.16.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. As a group, sell-side analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Activity

In other news, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the sale, the chief operating officer now owns 1,466,119 shares in the company, valued at approximately $183,587,421.18. The trade was a 2.22 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 11,000 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $169.85, for a total transaction of $1,868,350.00. Following the sale, the chief technology officer now owns 324,837 shares in the company, valued at approximately $55,173,564.45. This trade represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 503,794 shares of company stock worth $78,350,874.

Hedge Funds Weigh In On Reddit

Large investors have recently modified their holdings of the stock. Jennison Associates LLC purchased a new position in shares of Reddit in the 4th quarter worth about $494,861,000. Renaissance Capital LLC raised its position in shares of Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after purchasing an additional 3,892 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Reddit by 27.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock worth $105,003,000 after purchasing an additional 139,135 shares during the last quarter. Assetmark Inc. raised its position in shares of Reddit by 1,537,566.7% in the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock worth $7,539,000 after purchasing an additional 46,127 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Reddit by 3,640.5% in the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after purchasing an additional 248,499 shares during the last quarter.

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.