Reddit (NYSE:RDDT) Shares Gap Down – Time to Sell?

Reddit, Inc. (NYSE:RDDT)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $158.02, but opened at $145.41. Reddit shares last traded at $147.10, with a volume of 4,195,083 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on RDDT shares. Roth Mkm lifted their target price on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. JMP Securities boosted their price objective on Reddit from $84.00 to $118.00 and gave the company a “market outperform” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. raised their target price on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Bank of America boosted their price target on shares of Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group raised their price objective on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $91.67.

Reddit Trading Down 9.2 %

The business’s 50-day simple moving average is $90.31 and its 200-day simple moving average is $70.56.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The firm’s quarterly revenue was up 67.9% compared to the same quarter last year. Equities research analysts anticipate that Reddit, Inc. will post -3.63 earnings per share for the current year.

Insider Buying and Selling

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 stock was sold at an average price of $114.40, for a total value of $572,000.00. Following the completion of the transaction, the director now directly owns 46,459 shares in the company, valued at approximately $5,314,909.60. The trade was a 9.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Michelle Marie Reynolds sold 8,000 shares of Reddit stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $60.00, for a total transaction of $480,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 66,238 shares in the company, valued at approximately $3,974,280. The trade was a 10.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 267,001 shares of company stock valued at $21,480,202 in the last 90 days.

Hedge Funds Weigh In On Reddit

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets acquired a new position in Reddit during the 1st quarter worth approximately $37,000. Whittier Trust Co. acquired a new position in Reddit during the third quarter worth $42,000. SOA Wealth Advisors LLC. bought a new position in Reddit in the second quarter valued at $78,000. Sandia Investment Management LP acquired a new stake in Reddit in the 1st quarter valued at $79,000. Finally, Daiwa Securities Group Inc. bought a new stake in Reddit during the 3rd quarter worth about $85,000.

About Reddit

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.