Reddit (NYSE:RDDT) Stock Price Down 5.1% – What’s Next?

Reddit, Inc. (NYSE:RDDT) shares were down 5.1% on Tuesday . The stock traded as low as $167.32 and last traded at $169.10. Approximately 3,473,241 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 5,149,702 shares. The stock had previously closed at $178.10.

Analysts Set New Price Targets

Several research firms have recently weighed in on RDDT. Bank of America upped their price target on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Needham & Company LLC boosted their price objective on shares of Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Piper Sandler reissued an “overweight” rating and issued a $150.00 price target (up from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. Citigroup boosted their target price on Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Loop Capital upped their price target on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a report on Monday, December 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $124.42.

Reddit Price Performance

The company’s 50 day simple moving average is $125.78 and its 200-day simple moving average is $84.34.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company’s revenue was up 67.9% on a year-over-year basis. On average, equities analysts forecast that Reddit, Inc. will post -3.46 EPS for the current year.

Insiders Place Their Bets

In related news, Director Mary Porter Gale sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the completion of the transaction, the director now owns 46,459 shares in the company, valued at $5,314,909.60. The trade was a 9.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Christopher Brian Slowe sold 11,000 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $65.56, for a total value of $721,160.00. Following the sale, the chief technology officer now owns 339,295 shares of the company’s stock, valued at approximately $22,244,180.20. This represents a 3.14 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 264,357 shares of company stock worth $32,762,690.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Whittier Trust Co. acquired a new position in Reddit in the 3rd quarter worth approximately $42,000. Daiwa Securities Group Inc. acquired a new position in Reddit during the third quarter valued at $85,000. UMB Bank n.a. purchased a new stake in Reddit in the second quarter valued at $88,000. SOA Wealth Advisors LLC. grew its position in Reddit by 56.3% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after purchasing an additional 691 shares during the period. Finally, Sanctuary Advisors LLC purchased a new position in shares of Reddit during the 3rd quarter valued at about $144,000.

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.