Brokerages Set Reddit, Inc. (NYSE:RDDT) Target Price at $175.95

Reddit, Inc. (NYSE:RDDT) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-two research firms that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, nine have assigned a hold recommendation, eleven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $175.95.

RDDT has been the subject of a number of recent research reports. Roth Mkm downgraded Reddit from a “buy” rating to a “neutral” rating and increased their price objective for the company from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Bank of America upped their target price on Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. lifted their price target on Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Robert W. Baird boosted their price objective on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Finally, Raymond James raised their target price on shares of Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a report on Monday, February 10th.

Reddit Stock Down 20.9 %

NYSE:RDDT opened at $105.94 on Thursday. Reddit has a 52-week low of $37.35 and a 52-week high of $230.41. The firm has a market cap of $19.16 billion and a P/E ratio of -13.70. The business’s 50-day moving average price is $180.42 and its 200 day moving average price is $131.86.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Sell-side analysts expect that Reddit will post 1.12 EPS for the current year.

Insider Transactions at Reddit

In other news, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the transaction, the chief operating officer now owns 1,504,297 shares in the company, valued at approximately $265,102,260.31. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Benjamin Seong Lee sold 92,299 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the transaction, the insider now owns 115,001 shares in the company, valued at $18,095,407.35. This represents a 44.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 393,386 shares of company stock worth $66,673,388 over the last three months.

Institutional Trading of Reddit

Several institutional investors have recently made changes to their positions in RDDT. Concurrent Investment Advisors LLC bought a new stake in shares of Reddit in the 3rd quarter valued at approximately $372,000. ARK Investment Management LLC lifted its position in shares of Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after buying an additional 192,785 shares during the period. SpiderRock Advisors LLC acquired a new stake in Reddit in the 3rd quarter valued at $3,485,000. Objective Capital Management LLC bought a new stake in Reddit in the third quarter valued at $391,000. Finally, Proficio Capital Partners LLC acquired a new position in Reddit during the third quarter worth $382,000.

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.