Key Points
- Reddit director Robert Sauerberg sold 5,128 shares at an average price of $159.92, generating approximately $820,070 and reducing his ownership by 15.92% to 27,087 shares.
- Reddit recently exceeded earnings expectations, reporting quarterly EPS of $1.25 versus the $0.95 consensus and revenue of $804.91 million, up 61% year over year.
- RDDT opened at $154.03, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $221.10, despite several firms lowering their targets.
Reddit Inc. (NYSE:RDDT - Get Free Report) Director Robert Sauerberg sold 5,128 shares of the company's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $159.92, for a total transaction of $820,069.76. Following the completion of the transaction, the director owned 27,087 shares in the company, valued at approximately $4,331,753.04. This trade represents a 15.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Reddit Price Performance
NYSE:RDDT opened at $154.03 on Friday. The firm has a market cap of $29.64 billion, a PE ratio of 35.82, a P/E/G ratio of 0.52 and a beta of 2.03. The firm has a 50 day simple moving average of $172.22 and a 200-day simple moving average of $158.43. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95.
Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.30. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The firm had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. During the same quarter last year, the business earned $0.45 earnings per share. Reddit's revenue was up 61.0% compared to the same quarter last year. As a group, sell-side analysts expect that Reddit Inc. will post 5.27 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several research firms recently commented on RDDT. Weiss Ratings reiterated a "hold (c)" rating on shares of Reddit in a research note on Wednesday, August 5th. Oppenheimer decreased their price target on Reddit from $225.00 to $200.00 and set an "outperform" rating on the stock in a research note on Friday, July 31st. Sanford C. Bernstein restated a "market perform" rating and issued a $180.00 price target on shares of Reddit in a report on Friday, July 31st. Telsey Advisory Group set a $240.00 price objective on shares of Reddit in a research note on Friday, July 31st. Finally, Wedbush cut their price objective on shares of Reddit from $250.00 to $221.00 and set an "outperform" rating on the stock in a report on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $221.10.
Read Our Latest Report on RDDT
Institutional Trading of Reddit
A number of institutional investors and hedge funds have recently made changes to their positions in RDDT. Evansbrook LLC boosted its holdings in Reddit by 2.2% in the first quarter. Evansbrook LLC now owns 2,736 shares of the company's stock valued at $368,000 after acquiring an additional 59 shares during the last quarter. Signaturefd LLC grew its position in Reddit by 7.6% during the second quarter. Signaturefd LLC now owns 878 shares of the company's stock valued at $152,000 after acquiring an additional 62 shares during the period. EverSource Wealth Advisors LLC increased its stake in Reddit by 48.1% during the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company's stock worth $34,000 after acquiring an additional 64 shares during the last quarter. Florida Financial Advisors LLC increased its stake in Reddit by 6.7% during the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company's stock worth $250,000 after acquiring an additional 68 shares during the last quarter. Finally, Diversified Trust Co raised its holdings in shares of Reddit by 2.1% in the 1st quarter. Diversified Trust Co now owns 3,271 shares of the company's stock worth $440,000 after purchasing an additional 68 shares during the period.
Reddit Company Profile
(
Get Free Report)
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.
Further Reading
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