Reddit, Inc. (NYSE:RDDT) Short Interest Update

Reddit, Inc. (NYSE:RDDT) saw a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 5,580,000 shares, a decline of 21.5% from the August 15th total of 7,110,000 shares. Based on an average daily trading volume, of 3,510,000 shares, the short-interest ratio is presently 1.6 days. Currently, 7.5% of the shares of the company are sold short.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total transaction of $755,720.00. Following the completion of the transaction, the chief executive officer now directly owns 672,352 shares in the company, valued at $36,293,560.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total transaction of $755,720.00. Following the transaction, the chief executive officer now directly owns 672,352 shares of the company’s stock, valued at $36,293,560.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Benjamin Seong Lee sold 45,807 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the completion of the sale, the insider now directly owns 194,473 shares of the company’s stock, valued at approximately $10,499,597.27. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 204,373 shares of company stock valued at $11,095,284.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Global Retirement Partners LLC bought a new stake in shares of Reddit in the 1st quarter valued at approximately $27,000. BNP Paribas Financial Markets bought a new stake in Reddit in the first quarter worth approximately $37,000. SOA Wealth Advisors LLC. acquired a new position in shares of Reddit during the 2nd quarter worth $78,000. ANTIPODES PARTNERS Ltd bought a new position in shares of Reddit during the 1st quarter valued at $63,000. Finally, UMB Bank n.a. acquired a new stake in shares of Reddit in the 2nd quarter valued at $88,000.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RDDT. JMP Securities reissued a “market outperform” rating and set a $84.00 target price on shares of Reddit in a report on Tuesday, July 30th. Needham & Company LLC restated a “buy” rating and issued a $75.00 price objective on shares of Reddit in a report on Thursday, August 8th. Loop Capital raised Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Thursday, August 1st. Roth Mkm cut their price target on shares of Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Sanford C. Bernstein lifted their price objective on shares of Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average price target of $65.56.

Reddit Trading Down 0.9 %

Shares of RDDT opened at $59.09 on Monday. The company’s 50 day moving average is $60.30. Reddit has a 52 week low of $37.35 and a 52 week high of $78.08.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.25. The company had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. During the same quarter in the prior year, the firm earned ($0.70) earnings per share. The company’s revenue was up 53.6% on a year-over-year basis. On average, equities research analysts predict that Reddit will post -4.17 EPS for the current year.

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.