Reddit Inc. (NYSE:RDDT – Get Free Report) Director Mary Gale sold 3,000 shares of the stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $96.00, for a total value of $288,000.00. Following the transaction, the director directly owned 18,181 shares in the company, valued at approximately $1,745,376. This represents a 14.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Reddit Stock Up 1.4%
RDDT stock opened at $95.12 on Friday. Reddit Inc. has a 52-week low of $89.28 and a 52-week high of $263.50. The stock’s fifty day simple moving average is $144.38 and its 200-day simple moving average is $156.66. The stock has a market capitalization of $18.30 billion, a price-to-earnings ratio of 19.41, a price-to-earnings-growth ratio of 0.39 and a beta of 2.28.
Reddit (NYSE:RDDT – Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.07. The business had revenue of $894.96 million during the quarter, compared to the consensus estimate of $874.91 million. Reddit had a return on equity of 30.57% and a net margin of 32.10%. The business’s revenue for the quarter was up 53.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.80 earnings per share. As a group, analysts anticipate that Reddit Inc. will post 5.42 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several research firms have commented on RDDT. Truist Financial lowered their price target on Reddit from $275.00 to $210.00 and set a “buy” rating for the company in a report on Friday, October 30th. UBS Group reiterated a “buy” rating on shares of Reddit in a report on Friday, October 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Reddit in a report on Tuesday. Bank of America reissued a “neutral” rating and issued a $135.00 target price (down from $190.00) on shares of Reddit in a research report on Friday, October 30th. Finally, President Capital lowered their target price on shares of Reddit from $207.00 to $199.00 and set a “buy” rating for the company in a report on Thursday, September 17th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and fifteen have issued a Hold rating to the stock. According to data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average target price of $180.91.
Get Our Latest Analysis on RDDT
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of Reddit by 8.7% in the 2nd quarter. State Street Corp now owns 2,979,587 shares of the company’s stock worth $517,197,000 after purchasing an additional 237,523 shares during the period. Wellington Management Group LLP grew its holdings in shares of Reddit by 21.8% during the 2nd quarter. Wellington Management Group LLP now owns 1,564,535 shares of the company’s stock worth $271,572,000 after purchasing an additional 280,030 shares during the period. DSM Capital Partners LLC grew its holdings in shares of Reddit by 5.3% during the 1st quarter. DSM Capital Partners LLC now owns 848,206 shares of the company’s stock worth $114,211,000 after purchasing an additional 42,808 shares during the period. Robeco Institutional Asset Management B.V. increased its position in Reddit by 74.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 809,063 shares of the company’s stock worth $115,243,000 after purchasing an additional 345,735 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Reddit by 8.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 481,893 shares of the company’s stock worth $83,647,000 after purchasing an additional 39,540 shares in the last quarter.
About Reddit
Reddit, Inc operates Reddit, an online platform where users share posts, discuss topics and participate in communities known as subreddits. Members can submit text, images, videos and links, comment on posts, and vote on content, helping shape what appears in each community.
The company generates revenue primarily through advertising and also offers paid subscriptions and other products. Reddit serves users and advertisers around the world through its website and mobile applications.
Reddit was founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz.
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