Insider Buying: Reddit (NYSE:RDDT) Director Acquires 6,700 Shares of Stock

Reddit Inc. (NYSE:RDDT) Director Sarah Farrell acquired 6,700 shares of the stock in a transaction dated Wednesday, February 11th. The stock was acquired at an average price of $139.27 per share, with a total value of $933,109.00. Following the completion of the acquisition, the director owned 50,500 shares in the company, valued at approximately $7,033,135. The trade was a 15.30% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Reddit Stock Performance

NYSE:RDDT traded down $8.34 during trading hours on Thursday, reaching $130.95. The company’s stock had a trading volume of 8,671,783 shares, compared to its average volume of 6,709,134. The firm has a market capitalization of $24.82 billion, a price-to-earnings ratio of 49.98, a PEG ratio of 1.03 and a beta of 2.17. The firm has a 50-day simple moving average of $216.50 and a 200-day simple moving average of $215.06. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The business had revenue of $725.61 million during the quarter, compared to analyst estimates of $665.80 million. During the same period in the prior year, the business posted $0.36 earnings per share. The company’s revenue was up 69.7% on a year-over-year basis. Equities analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. B. Riley Securities lifted their price target on Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. Needham & Company LLC restated a “buy” rating and issued a $300.00 target price on shares of Reddit in a report on Friday, February 6th. Roth Mkm lifted their target price on shares of Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a research note on Friday, January 30th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $285.00 price target on shares of Reddit in a report on Tuesday, January 20th. Finally, Cantor Fitzgerald cut their price target on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $240.93.

Institutional Investors Weigh In On Reddit

Large investors have recently modified their holdings of the stock. Huntington National Bank raised its stake in Reddit by 25.6% in the third quarter. Huntington National Bank now owns 270 shares of the company’s stock worth $62,000 after buying an additional 55 shares in the last quarter. Institute for Wealth Management LLC. grew its holdings in shares of Reddit by 6.1% during the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after acquiring an additional 62 shares during the period. Roxbury Financial LLC grew its holdings in shares of Reddit by 7.4% during the 4th quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after acquiring an additional 64 shares during the period. Resona Asset Management Co. Ltd. raised its position in shares of Reddit by 0.3% in the 2nd quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock worth $3,023,000 after acquiring an additional 65 shares in the last quarter. Finally, AdvisorNet Financial Inc lifted its stake in shares of Reddit by 2.8% in the 3rd quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock valued at $567,000 after purchasing an additional 66 shares during the period.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.