Reddit, Inc. (NYSE:RDDT) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Reddit, Inc. (NYSE:RDDT) have earned a consensus rating of “Moderate Buy” from the seventeen ratings firms that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $65.56.

Several equities analysts recently issued reports on RDDT shares. JMP Securities reaffirmed a “market outperform” rating and issued a $84.00 price objective on shares of Reddit in a research report on Tuesday, July 30th. Morgan Stanley increased their price objective on Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Cannonball Research initiated coverage on Reddit in a research report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price for the company. JPMorgan Chase & Co. dropped their price target on shares of Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Finally, Raymond James boosted 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.

Reddit Stock Up 2.9 %

Shares of NYSE:RDDT opened at $63.67 on Thursday. The firm’s fifty day moving average is $59.74. Reddit has a 1-year low of $37.35 and a 1-year high of $78.08.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The firm 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 quarter in the prior year, the business posted ($0.70) earnings per share. On average, sell-side analysts predict that Reddit will post -4.17 EPS for the current fiscal year.

Insider Activity

In related news, insider Benjamin Seong Lee sold 45,807 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93. Following the completion of the sale, the insider now directly owns 194,473 shares of the company’s stock, valued at approximately $10,499,597.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value of $1,799,648.67. Following the transaction, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $83,277,253.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 45,807 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value 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 disclosure for this sale can be found here. Insiders have sold a total of 251,706 shares of company stock valued at $13,896,591 in the last ninety days.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RDDT. DekaBank Deutsche Girozentrale bought a new stake in shares of Reddit during the first quarter valued at approximately $7,363,000. Commonwealth Equity Services LLC purchased a new stake in Reddit in the 1st quarter worth $1,111,000. BNP Paribas Financial Markets bought a new position in shares of Reddit during the 1st quarter valued at about $37,000. Vanguard Group Inc. purchased a new position in shares of Reddit during the first quarter valued at about $82,167,000. Finally, Bamco Inc. NY bought a new stake in shares of Reddit in the first quarter worth about $14,796,000.

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.