Reddit, Inc. (NYSE:RDDT) Director David C. Habiger Purchases 774 Shares

Reddit, Inc. (NYSE:RDDT) Director David C. Habiger purchased 774 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average cost of $130.36 per share, for a total transaction of $100,898.64. Following the purchase, the director now directly owns 30,808 shares in the company, valued at $4,016,130.88. This represents a 2.58 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Reddit Price Performance

Shares of Reddit stock opened at $127.71 on Monday. The firm has a market cap of $23.10 billion and a price-to-earnings ratio of -16.52. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The stock has a 50-day simple moving average of $177.06 and a 200-day simple moving average of $133.76.

Reddit (NYSE:RDDT) last posted its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. As a group, equities research analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Kilter Group LLC acquired a new stake in Reddit in the 4th quarter worth approximately $928,000. Castle Rock Wealth Management LLC acquired a new stake in Reddit in the 4th quarter worth approximately $789,000. Brooklyn FI LLC acquired a new stake in Reddit in the 4th quarter worth approximately $6,339,000. Employees Retirement System of Texas acquired a new stake in Reddit in the 4th quarter worth approximately $1,803,000. Finally, Jefferies Financial Group Inc. acquired a new stake in Reddit in the 4th quarter worth approximately $917,000.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Raymond James dropped their price target on Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, March 12th. Guggenheim assumed coverage on Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 price target on the stock. Seaport Res Ptn raised Reddit to a “hold” rating in a research note on Thursday, February 6th. B. Riley lifted their price target on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Finally, Bank of America lifted their target price on Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $173.45.

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.