Reddit (NYSE:RDDT – Get Free Report) is projected to announce its earnings results after the market closes on Wednesday, February 12th. Analysts expect the company to announce earnings of $0.24 per share and revenue of $405.47 million for the quarter. Individual interested in listening to the company’s earnings conference call can do so using this link.
Reddit Stock Performance
Shares of Reddit stock traded up $5.53 during trading hours on Wednesday, reaching $220.84. The stock had a trading volume of 3,552,210 shares, compared to its average volume of 4,691,711. Reddit has a 1 year low of $37.35 and a 1 year high of $221.18. The firm has a 50 day simple moving average of $171.57 and a two-hundred day simple moving average of $111.11.
Insider Activity
In other news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total value of $5,797,782.62. Following the completion of the sale, the chief operating officer now directly owns 1,504,297 shares in the company, valued at $261,642,377.21. The trade was a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Christopher Brian Slowe sold 21,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $146.01, for a total transaction of $3,066,210.00. Following the completion of the transaction, the chief technology officer now directly owns 297,925 shares in the company, valued at approximately $43,500,029.25. The trade was a 6.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 259,357 shares of company stock valued at $41,121,108.
Analysts Set New Price Targets
Several brokerages recently issued reports on RDDT. Roth Capital cut Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Guggenheim initiated coverage on shares of Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective for the company. JMP Securities boosted their price target on shares of Reddit from $160.00 to $190.00 and gave the stock a “market outperform” rating in a research report on Monday, January 27th. Sanford C. Bernstein boosted their price objective on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Finally, Needham & Company LLC lifted their price target on Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. One analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $159.70.
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.