Reddit (NYSE:RDDT) Shares Down 6.2% – Time to Sell?

Reddit, Inc. (NYSE:RDDT) was down 6.2% on Wednesday . The company traded as low as $117.87 and last traded at $117.68. Approximately 1,256,043 shares were traded during trading, a decline of 77% from the average daily volume of 5,440,697 shares. The stock had previously closed at $125.43.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of recent research reports. Citigroup restated a “neutral” rating on shares of Reddit in a research note on Thursday, February 13th. Wells Fargo & Company upped their price objective on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. lifted their target price on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Loop Capital reissued a “buy” rating and set a $210.00 price target on shares of Reddit in a report on Tuesday, March 11th. Finally, Raymond James cut their price objective on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a report on Wednesday, March 12th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Reddit has an average rating of “Hold” and a consensus target price of $162.68.

Reddit Stock Down 5.0 %

The stock has a 50-day moving average of $169.60 and a 200 day moving average of $136.66. The stock has a market cap of $21.56 billion and a PE ratio of -15.47.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total value of $2,419,060.00. Following the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $106,161,139.26. The trade was a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Andrew Vollero sold 48,122 shares of Reddit stock in a transaction on Monday, February 24th. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the sale, the chief financial officer now directly owns 599,295 shares of the company’s stock, valued at $97,565,226. The trade was a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 492,794 shares of company stock worth $76,482,524 in the last 90 days.

Hedge Funds Weigh In On Reddit

A number of hedge funds and other institutional investors have recently bought and sold shares of RDDT. California State Teachers Retirement System lifted its position in shares of Reddit by 126.6% during the fourth quarter. California State Teachers Retirement System now owns 48,380 shares of the company’s stock worth $7,907,000 after purchasing an additional 27,032 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in Reddit during the 4th quarter worth approximately $2,208,000. Kilter Group LLC acquired a new stake in Reddit during the 4th quarter worth approximately $928,000. Castle Rock Wealth Management LLC purchased a new position in Reddit in the 4th quarter valued at approximately $789,000. Finally, Brooklyn FI LLC acquired a new position in shares of Reddit in the fourth quarter worth $6,339,000.

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.