Sarah Farrell Acquires 10,500 Shares of Reddit (NYSE:RDDT) Stock

Reddit Inc. (NYSE:RDDT) Director Sarah Farrell purchased 10,500 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The shares were acquired at an average cost of $132.26 per share, with a total value of $1,388,730.00. Following the completion of the transaction, the director owned 61,000 shares in the company, valued at $8,067,860. This trade represents a 20.79% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Reddit Price Performance

NYSE:RDDT opened at $142.51 on Thursday. The business’s 50-day moving average is $171.08 and its two-hundred day moving average is $203.27. The firm has a market capitalization of $27.22 billion, a PE ratio of 54.39, a price-to-earnings-growth ratio of 1.05 and a beta of 2.40. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95.

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

Analysts Set New Price Targets

Several brokerages have issued reports on RDDT. China Renaissance started coverage on shares of Reddit in a research report on Tuesday, December 9th. They issued a “buy” rating and a $300.00 price objective for the company. Truist Financial boosted their target price on shares of Reddit from $270.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Robert W. Baird set a $200.00 price target on shares of Reddit in a report on Friday, February 6th. Argus set a $300.00 price target on shares of Reddit in a research note on Friday, January 9th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $300.00 price objective on shares of Reddit in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $242.19.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Reddit by 8.9% during the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock worth $3,062,339,000 after acquiring an additional 1,083,540 shares in the last quarter. Capital World Investors acquired a new stake in shares of Reddit in the 4th quarter valued at about $1,293,258,000. State Street Corp raised its stake in shares of Reddit by 6.0% in the 4th quarter. State Street Corp now owns 2,631,332 shares of the company’s stock valued at $604,864,000 after purchasing an additional 149,401 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Reddit by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock worth $546,789,000 after purchasing an additional 106,821 shares during the last quarter. Finally, Morgan Stanley lifted its position in shares of Reddit by 11.4% during the fourth quarter. Morgan Stanley now owns 2,372,443 shares of the company’s stock worth $545,354,000 after purchasing an additional 242,709 shares during the last quarter.

About Reddit

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.