Reddit, Inc. (NYSE:RDDT) Receives $98.17 Consensus PT from Analysts

Shares of Reddit, Inc. (NYSE:RDDT) have received a consensus rating of “Moderate Buy” from the nineteen ratings firms that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, six have given a hold recommendation, eleven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $98.17.

A number of brokerages recently issued reports on RDDT. Jefferies Financial Group increased their target price on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday. Bank of America raised their price target on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Piper Sandler reiterated an “overweight” rating and set a $150.00 target price (up previously from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. Citigroup boosted their price target on Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Sanford C. Bernstein increased their price objective on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th.

Reddit Price Performance

Shares of NYSE:RDDT opened at $140.04 on Tuesday. The business has a 50-day simple moving average of $98.23 and a two-hundred day simple moving average of $73.70. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $158.49.

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

Insider Activity

In other Reddit news, COO Jennifer L. Wong sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at $100,275,129.57. The trade was a 3.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the transaction, the chief technology officer now directly owns 30,068 shares in the company, valued at $2,329,668.64. This trade represents a 14.26 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 311,644 shares of company stock valued at $29,210,730.

Institutional Investors Weigh In On Reddit

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

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.