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

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

Insider Buying and Selling at Reddit

In related news, insider Benjamin Seong Lee sold 45,807 shares of Reddit stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the completion of the transaction, the insider now directly owns 194,473 shares of the company’s stock, valued at approximately $10,499,597.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Mary Porter Gale sold 30,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the transaction, the director now owns 71,459 shares in the company, valued at approximately $3,738,020.29. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Benjamin Seong Lee sold 45,807 shares of the 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 sale, the insider now directly owns 194,473 shares in the company, valued at approximately $10,499,597.27. The disclosure for this sale can be found here. Insiders have sold 204,373 shares of company stock worth $11,095,284 over the last three months.

Hedge Funds Weigh In On Reddit

Several hedge funds and other institutional investors have recently made changes to their positions in RDDT. Global Retirement Partners LLC bought a new stake in shares of Reddit during the 1st quarter worth $27,000. BNP Paribas Financial Markets acquired a new stake in shares of Reddit in the 1st quarter valued at approximately $37,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Reddit in the 2nd quarter valued at approximately $78,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Reddit during the 1st quarter valued at approximately $63,000. Finally, UMB Bank n.a. acquired a new position in Reddit during the 2nd quarter worth approximately $88,000.

Reddit Stock Performance

Shares of RDDT traded up $2.74 during midday trading on Tuesday, reaching $61.89. 3,823,213 shares of the stock were exchanged, compared to its average volume of 4,396,633. The firm has a 50 day moving average of $59.86. Reddit has a twelve month low of $37.35 and a twelve month high of $78.08.

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on RDDT shares. Morgan Stanley raised their target price on shares of Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Cannonball Research started coverage on Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 target price for the company. Roth Mkm cut their price target on shares of Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Sanford C. Bernstein boosted their price objective on shares of Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a report on Monday, July 22nd. Finally, Raymond James upped their target price on shares of Reddit from $65.00 to $70.00 and gave the company a “strong-buy” rating in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $65.56.

Reddit Company Profile

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.