Reddit, Inc. (NYSE:RDDT – Get Free Report) saw a significant decline in short interest in 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 trading volume of 3,510,000 shares, the short-interest ratio is presently 1.6 days. Approximately 7.5% of the shares of the company are sold short.
Reddit Stock Down 0.9 %
Shares of Reddit stock traded down $0.54 on Friday, reaching $59.09. The stock had a trading volume of 3,726,014 shares, compared to its average volume of 4,415,513. Reddit has a 1 year low of $37.35 and a 1 year high of $78.08. The firm’s 50 day moving average price is $60.30.
Reddit (NYSE:RDDT – Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The business had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. The business’s revenue for the quarter was up 53.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.70) earnings per share. As a group, equities research analysts forecast that Reddit will post -4.17 EPS for the current fiscal year.
Insider Buying and Selling
Institutional Investors Weigh In On Reddit
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Truist Financial Corp acquired a new position in Reddit during the 2nd quarter valued at approximately $266,000. Scientech Research LLC increased its position in shares of Reddit by 120.0% in the 2nd quarter. Scientech Research LLC now owns 19,432 shares of the company’s stock valued at $1,242,000 after acquiring an additional 10,601 shares during the period. Maverick Capital Ltd. raised its stake in Reddit by 147.4% in the 2nd quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock worth $47,416,000 after acquiring an additional 442,145 shares during the last quarter. Alight Capital Management LP acquired a new stake in Reddit during the 2nd quarter worth about $3,194,000. Finally, Marshall Wace LLP grew its stake in Reddit by 117.2% during the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after purchasing an additional 457,588 shares during the last quarter.
Analyst Ratings Changes
RDDT has been the subject of several research analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $75.00 target price on shares of Reddit in a research report on Thursday, August 8th. Sanford C. Bernstein upped their price objective on Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Monday, July 22nd. Bank of America upped their price objective on Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Raymond James lifted their price objective on shares of Reddit from $65.00 to $70.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 31st. Finally, Roth Mkm dropped their target price on shares of Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.
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