Reddit (NYSE:RDDT) Trading Down 3.5%

Reddit, Inc. (NYSE:RDDT)’s share price traded down 3.5% on Thursday . The stock traded as low as 57.39 and last traded at 58.11. 370,361 shares were traded during mid-day trading, a decline of 93% from the average session volume of 5,123,678 shares. The stock had previously closed at 60.21.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Needham & Company LLC upped their target price on Reddit from $63.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday. Loop Capital assumed coverage on Reddit in a report on Monday, April 15th. They issued a “buy” rating and a $55.00 target price on the stock. The Goldman Sachs Group upped their target price on Reddit from $40.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. JPMorgan Chase & Co. began coverage on Reddit in a report on Monday, April 15th. They issued a “neutral” rating and a $47.00 target price on the stock. Finally, New Street Research began coverage on Reddit in a research report on Tuesday, March 26th. They issued a “neutral” rating and a $54.00 price objective on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and an average price target of 57.00.

Reddit Price Performance

The business has a 50-day moving average price of 53.39.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share for the quarter, missing the consensus estimate of -2.34 by -5.85. The business had revenue of 243.00 million during the quarter, compared to analysts’ expectations of 213.99 million. Reddit’s quarterly revenue was up 48.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.05) earnings per share. As a group, analysts expect that Reddit, Inc. will post -4.71 EPS for the current fiscal year.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 185,000 shares of Reddit stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the transaction, the chief technology officer now directly owns 413,684 shares in the company, valued at approximately 13,361,993.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO Andrew Vollero sold 71,765 shares of Reddit stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 2,318,009.50. Following the transaction, the chief financial officer now directly owns 681,660 shares in the company, valued at approximately 22,017,618. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 185,000 shares of Reddit stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 5,975,500.00. Following the transaction, the chief technology officer now owns 413,684 shares in the company, valued at 13,361,993.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,277,487 shares of company stock worth $46,396,065.

Hedge Funds Weigh In On Reddit

Hedge funds have recently modified their holdings of the stock. Global Retirement Partners LLC acquired a new position in shares of Reddit in the 1st quarter worth $27,000. BNP Paribas Financial Markets acquired a new position in shares of Reddit in the 1st quarter worth $37,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of Reddit in the 1st quarter worth $63,000. Sandia Investment Management LP acquired a new position in shares of Reddit in the 1st quarter worth $79,000. Finally, SG Americas Securities LLC acquired a new position in shares of Reddit in the 1st quarter worth $265,000.

About Reddit

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.