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

Reddit Inc. (NYSE:RDDT) Director Sarah Farrell bought 10,500 shares of the business’s stock in a transaction on Friday, March 13th. The shares were acquired at an average price of $132.26 per share, with a total value of $1,388,730.00. Following the completion of the purchase, the director directly owned 61,000 shares of the company’s stock, valued at approximately $8,067,860. The trade was a 20.79% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.

Reddit Stock Up 2.9%

Shares of RDDT stock traded up $4.00 during trading hours on Tuesday, reaching $144.00. The company’s stock had a trading volume of 6,401,086 shares, compared to its average volume of 5,016,356. The firm’s 50 day simple moving average is $175.52 and its 200-day simple moving average is $204.27. The company has a market capitalization of $27.51 billion, a price-to-earnings ratio of 53.44, a PEG ratio of 1.02 and a beta of 2.40. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $665.80 million. During the same quarter in the previous year, the firm earned $0.36 EPS. Reddit’s revenue was up 69.7% on a year-over-year basis. Sell-side analysts predict that Reddit Inc. will post 1.12 earnings per share for the current year.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently added to or reduced their stakes in RDDT. Huntington National Bank grew its holdings in Reddit by 25.6% during the 3rd quarter. Huntington National Bank now owns 270 shares of the company’s stock worth $62,000 after acquiring an additional 55 shares during the last quarter. Institute for Wealth Management LLC. raised its stake in shares of Reddit by 6.1% during the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after acquiring an additional 62 shares during the last quarter. Roxbury Financial LLC lifted its holdings in shares of Reddit by 7.4% during the fourth quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after purchasing an additional 64 shares during the period. AdvisorNet Financial Inc lifted its holdings in shares of Reddit by 2.8% during the third quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock worth $567,000 after purchasing an additional 66 shares during the period. Finally, Florida Financial Advisors LLC grew its stake in shares of Reddit by 6.7% in the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after purchasing an additional 68 shares during the last quarter.

Analyst Ratings Changes

RDDT has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $285.00 target price on shares of Reddit in a report on Tuesday, January 20th. Argus set a $300.00 price target on shares of Reddit in a report on Friday, January 9th. Weiss Ratings reissued a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 29th. Truist Financial raised their target price on shares of Reddit from $270.00 to $275.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $242.19.

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.