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

Reddit Inc. (NYSE:RDDT) Director Sarah Farrell purchased 10,500 shares of Reddit stock in a transaction on Friday, March 13th. The stock was bought at an average price of $132.26 per share, for a total transaction of $1,388,730.00. Following the transaction, the director directly owned 61,000 shares in the company, valued at approximately $8,067,860. The trade was a 20.79% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Reddit Stock Performance

Shares of RDDT stock traded up $4.00 on Tuesday, hitting $144.00. The company had a trading volume of 6,401,086 shares, compared to its average volume of 5,016,356. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95. The firm has a market cap of $27.51 billion, a P/E ratio of 53.44, a P/E/G ratio of 1.02 and a beta of 2.40. The stock’s 50-day moving average is $175.52 and its two-hundred day moving average is $204.27.

Reddit (NYSE:RDDT) last posted its quarterly earnings data 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 for the quarter, compared to analyst estimates of $665.80 million. During the same period in the previous year, the firm earned $0.36 earnings per share. The firm’s quarterly revenue was up 69.7% on a year-over-year basis. Equities research analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

Institutional Inflows and Outflows

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

Analysts Set New Price Targets

RDDT has been the topic of a number of analyst reports. Cantor Fitzgerald reduced their price objective on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. Morgan Stanley set a $240.00 target price on shares of Reddit in a report on Friday, February 6th. B. Riley Financial upped their price target on shares of Reddit from $245.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $285.00 price target on shares of Reddit in a report on Tuesday, January 20th. Finally, Evercore reissued an “outperform” rating and issued a $290.00 price objective on shares of Reddit in a research note on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.