In yesterday’s Wall Street session, Reddit Inc. (NYSE:RDDT) shares traded at $54.52, up 3.83% from the previous session.
RDDT stock price is now -12.87% away from the 50-day moving average and -3.16% away from the 200-day moving average. The market capitalization of the company currently stands at $8.05B.
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With the price target maintained at $75, Loop Capital recently Upgraded its rating from Hold to Buy for Reddit Inc. (NYSE: RDDT). On July 26, 2024, ROTH MKM reiterated its ‘Buy’ rating on the stock by increasing its target price from $61 to quote $67, while ‘Loop Capital’ rates the stock as ‘Hold’
In other news, Gale Mary Porter, Director sold 20,000 shares of the company’s stock on Aug 13 ’24. The stock was sold for $1,069,644 at an average price of $53.48. Upon completion of the transaction, the Director now directly owns 51,459 shares in the company, valued at $2.81 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Aug 12 ’24, Director Gale Mary Porter sold 30,000 shares of the business’s stock. A total of $1,569,253 was realized by selling the stock at an average price of $52.31. This leaves the insider owning 71,459 shares of the company worth $3.9 million. A total of 79.39% of the company’s stock is owned by insiders.
During the past 12 months, Reddit Inc. has had a low of $37.35 and a high of $78.08. As of last week, the company has a debt-to-equity ratio of 0.01, a current ratio of 12.42, and a quick ratio of 12.42. The fifty day moving average price for RDDT is $62.581 and a two-hundred day moving average price translates $56.339596 for the stock.
The latest earnings results from Reddit Inc. (NYSE: RDDT) was released for 2024-06-30. The net profit margin was -58.49% and return on equity was -6.23% for RDDT. The company reported revenue of $281.18 million for the quarter, compared to $163.74 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 71.73 percent.
