Reddit (NYSE:RDDT) Shares Up 4.5% – Should You Buy?

Reddit, Inc. (NYSE:RDDT) shares traded up 4.5% during trading on Monday . The company traded as high as $97.00 and last traded at $90.82. 6,829,827 shares were traded during trading, an increase of 27% from the average session volume of 5,382,656 shares. The stock had previously closed at $86.91.

Analysts Set New Price Targets

Several analysts have recently commented on RDDT shares. Loop Capital reissued a “buy” rating and issued a $210.00 price objective on shares of Reddit in a research note on Tuesday, March 11th. Needham & Company LLC reissued a “buy” rating and issued a $220.00 price target on shares of Reddit in a research report on Friday, March 21st. Truist Financial initiated coverage on Reddit in a research note on Monday. They set a “buy” rating and a $150.00 price objective on the stock. Redburn Atlantic started coverage on shares of Reddit in a research note on Monday, March 17th. They issued a “sell” rating and a $75.00 target price for the company. Finally, Seaport Res Ptn raised shares of Reddit to a “hold” rating in a research report on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $162.41.

Reddit Trading Up 6.8 %

The firm has a fifty day moving average of $156.11 and a two-hundred day moving average of $139.45. The company has a market cap of $16.79 billion and a PE ratio of -12.01.

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

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $103.28, for a total value of $1,445,920.00. Following the sale, the chief executive officer now directly owns 577,013 shares of the company’s stock, valued at approximately $59,593,902.64. This represents a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 48,122 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the transaction, the chief financial officer now owns 599,295 shares of the company’s stock, valued at $97,565,226. This trade represents a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 603,794 shares of company stock worth $89,386,704 over the last 90 days.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. AdvisorNet Financial Inc grew its position in Reddit by 94.0% during the first quarter. AdvisorNet Financial Inc now owns 1,321 shares of the company’s stock worth $139,000 after buying an additional 640 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in shares of Reddit during the first quarter worth about $93,000. First Hawaiian Bank purchased a new position in shares of Reddit during the first quarter worth about $818,000. California State Teachers Retirement System increased its position in shares of Reddit by 126.6% in 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 during the last quarter. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in Reddit in the fourth quarter valued at approximately $2,208,000.

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.