Reddit, Inc. (NYSE:RDDT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Reddit, Inc. (NYSE:RDDT) has earned an average recommendation of “Moderate Buy” from the nineteen brokerages that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $103.17.

A number of research firms recently issued reports on RDDT. JMP Securities increased their target price on Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research note on Monday, November 25th. Needham & Company LLC raised their price objective on shares of Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Raymond James boosted their price objective on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 10th. Bank of America increased their target price on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, Piper Sandler reissued an “overweight” rating and issued a $150.00 price target (up previously from $115.00) on shares of Reddit in a research note on Tuesday, November 19th.

Insider Activity at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $59.18, for a total value of $1,972,646.94. Following the transaction, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $91,282,605.26. The trade was a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $59.19, for a total transaction of $828,660.00. Following the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $38,578,562.25. This represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,644 shares of company stock worth $29,210,730.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets bought a new stake in shares of Reddit during the first quarter worth approximately $37,000. Whittier Trust Co. acquired a new stake in Reddit during the 3rd quarter worth approximately $42,000. SOA Wealth Advisors LLC. bought a new stake in Reddit in the 2nd quarter valued at $78,000. Daiwa Securities Group Inc. acquired a new position in Reddit in the 3rd quarter valued at $85,000. Finally, UMB Bank n.a. acquired a new position in Reddit in the 2nd quarter valued at $88,000.

Reddit Price Performance

Shares of RDDT stock opened at $141.64 on Tuesday. Reddit has a 12-month low of $37.35 and a 12-month high of $158.49. The firm has a fifty day moving average of $99.72 and a 200-day moving average of $74.46.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. Equities analysts predict that Reddit will post -3.63 EPS for the current fiscal year.

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.