Reddit (NYSE:RDDT) Shares Up 4% – Time to Buy?

Reddit Inc. (NYSE:RDDT) shot up 4% on Thursday . The stock traded as high as $152.26 and last traded at $152.3370. Approximately 750,305 shares were traded during mid-day trading, a decline of 86% from the average session volume of 5,451,752 shares. The stock had previously closed at $146.44.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on RDDT shares. Evercore restated an “outperform” rating and set a $265.00 price target on shares of Reddit in a research note on Friday, July 31st. Guggenheim reiterated a “buy” rating on shares of Reddit in a research report on Friday, July 31st. Wedbush lowered their price objective on Reddit from $250.00 to $221.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. DA Davidson restated a “buy” rating and issued a $200.00 target price on shares of Reddit in a research note on Thursday, July 23rd. Finally, Jefferies Financial Group set a $250.00 target price on Reddit in a research report on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average target price of $221.10.

Reddit Stock Performance

The firm has a 50 day moving average price of $168.67 and a two-hundred day moving average price of $159.06. The company has a market capitalization of $30.09 billion, a P/E ratio of 36.37, a price-to-earnings-growth ratio of 0.69 and a beta of 2.02.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.95 by $0.30. The business had revenue of $804.91 million during the quarter, compared to the consensus estimate of $731.00 million. Reddit had a return on equity of 29.02% and a net margin of 31.35%.Reddit’s revenue was up 61.0% on a year-over-year basis. During the same quarter last year, the company earned $0.45 EPS. On average, equities analysts expect that Reddit Inc. will post 5.27 earnings per share for the current year.

Insider Buying and Selling

In other Reddit news, CEO Steve Huffman sold 18,000 shares of Reddit stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $173.13, for a total transaction of $3,116,340.00. Following the completion of the transaction, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at approximately $64,718,417.82. This trade represents a 4.59% 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 link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Reynolds sold 808 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total transaction of $161,600.00. Following the completion of the sale, the chief accounting officer owned 15,060 shares in the company, valued at $3,012,000. This represents a 5.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 210,102 shares of company stock valued at $36,375,252. 28.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Reddit

A number of hedge funds and other institutional investors have recently bought and sold shares of RDDT. Sunbelt Securities Inc. grew its holdings in shares of Reddit by 87.5% during the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock worth $26,000 after purchasing an additional 91 shares during the last quarter. Ascentis Independent Advisors acquired a new position in Reddit during the 1st quarter worth about $30,000. EverSource Wealth Advisors LLC lifted its position in Reddit by 48.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after buying an additional 64 shares in the last quarter. Beacon Investment Advisory Services Inc. bought a new stake in Reddit during the 2nd quarter worth about $35,000. Finally, Geneos Wealth Management Inc. grew its holdings in Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after acquiring an additional 286 shares during the last quarter.

Reddit Company Profile

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and discussions. Users can submit posts, links, images and videos, while community members can comment, vote and interact through publicly accessible forums known as subreddits.

The company generates revenue primarily through digital advertising and also offers premium memberships and other paid products. Reddit additionally provides data licensing and developer-related services that support the use of its platform content and technology.

Founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz, Reddit serves users worldwide across a broad range of communities.