Reddit (NYSE:RDDT) Stock Price Down 4.7% – Here’s What Happened

Reddit, Inc. (NYSE:RDDT)’s stock price was down 4.7% during trading on Friday . The company traded as low as $195.73 and last traded at $195.36. Approximately 2,756,588 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 5,494,323 shares. The stock had previously closed at $204.95.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Citigroup lifted their price objective on Reddit from $200.00 to $220.00 and gave the company a “buy” rating in a report on Thursday. The Goldman Sachs Group lifted their price target on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. Jefferies Financial Group increased their price objective on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Piper Sandler restated an “overweight” rating and set a $210.00 target price (up from $197.00) on shares of Reddit in a research report on Thursday. Finally, Guggenheim began coverage on shares of Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $175.45.

Reddit Price Performance

The company has a 50-day moving average price of $182.33 and a 200-day moving average price of $119.28.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. As a group, sell-side analysts anticipate that Reddit, Inc. will post -3.45 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $197,635,015.41. This represents a 2.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at approximately $124,083,012.24. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 245,357 shares of company stock worth $39,357,388.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RDDT. FMR LLC boosted its position in shares of Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares during the last quarter. Vanguard Group Inc. raised its stake in Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares during the period. Jennison Associates LLC acquired a new position in shares of Reddit in the 4th quarter valued at $494,861,000. Alliancebernstein L.P. grew its stake in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after buying an additional 2,537,768 shares during the period. Finally, Point72 Asset Management L.P. increased its holdings in shares of Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after buying an additional 2,225,895 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.