In yesterday’s Wall Street session, Reddit Inc. (NYSE:RDDT) shares traded at $81.74, up 2.59% from the previous session.
RDDT stock price is now 22.88% away from the 50-day moving average and 37.22% away from the 200-day moving average. The market capitalization of the company currently stands at $13.56B.
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With the price target of $90, Jefferies recently initiated with Buy rating for Reddit Inc. (NYSE: RDDT). On September 20, 2024, B. Riley Securities recently initiated its ‘Buy’ rating on the stock quoting a target price of $75, while ‘Loop Capital’ rates the stock as ‘Buy’
In other news, Slowe Christopher Brian, Chief Technology Officer sold 11,000 shares of the company’s stock on Oct 22 ’24. The stock was sold for $852,005 at an average price of $77.46. Upon completion of the transaction, the Chief Technology Officer now directly owns 339,295 shares in the company, valued at $27.73 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Oct 22 ’24, Chief Technology Officer Slowe Christopher Brian sold 5,000 shares of the business’s stock. A total of $387,406 was realized by selling the stock at an average price of $77.48. This leaves the insider owning 30,068 shares of the company worth $2.46 million. A total of 55.18% 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 $82.53. 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 $66.5176 and a two-hundred day moving average price translates $59.62928 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.
