Reddit (NYSE:RDDT) Stock Price Down 7.6%

Reddit, Inc. (NYSE:RDDT)’s share price dropped 7.6% during trading on Wednesday . The stock traded as low as 62.35 and last traded at 62.69. Approximately 1,446,793 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 4,557,081 shares. The stock had previously closed at 67.84.

Analysts Set New Price Targets

RDDT has been the topic of several research analyst reports. Raymond James initiated coverage on Reddit in a research report on Monday, April 15th. They issued a “strong-buy” rating and a $50.00 price objective on the stock. Needham & Company LLC boosted their price objective on Reddit from $63.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, June 18th. Piper Sandler boosted their price objective on Reddit from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. The Goldman Sachs Group boosted their price objective on Reddit from $40.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. Finally, Bank of America initiated coverage on Reddit in a research report on Tuesday, April 16th. They issued a “neutral” rating and a $46.00 target price on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of 63.07.

Reddit Price Performance

The business has a 50 day moving average of 62.96.

Reddit (NYSE:RDDT) last issued its quarterly earnings data 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 the consensus estimate of 213.99 million. During the same quarter in the prior year, the firm earned ($1.05) earnings per share. Reddit’s revenue was up 48.4% compared to the same quarter last year. On average, equities analysts anticipate that Reddit, Inc. will post -4.66 EPS for the current fiscal year.

Insider Activity

In other news, CFO Andrew Vollero sold 50,580 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,981,185.20. Following the sale, the chief financial officer now directly owns 631,080 shares in the company, valued at 37,195,855.20. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CTO Christopher Brian Slowe sold 33,019 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 1,946,139.86. Following the sale, the chief technology officer now directly owns 380,665 shares in the company, valued at 22,436,395.10. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Andrew Vollero sold 50,580 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,981,185.20. Following the completion of the sale, the chief financial officer now owns 631,080 shares in the company, valued at 37,195,855.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 192,689 shares of company stock valued at $11,357,090.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently modified their holdings of the business. Global Retirement Partners LLC purchased a new position in Reddit during the 1st quarter worth $27,000. BNP Paribas Financial Markets purchased a new position in Reddit during the 1st quarter worth $37,000. ANTIPODES PARTNERS Ltd purchased a new position in Reddit during the 1st quarter worth $63,000. SOA Wealth Advisors LLC. purchased a new position in Reddit during the 2nd quarter worth $78,000. Finally, Sandia Investment Management LP purchased a new position in Reddit during the 1st quarter worth $79,000.

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.