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

Reddit, Inc. (NYSE:RDDT) has been assigned an average rating of “Moderate Buy” from the twenty-two analysts that are covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation, twelve have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $163.00.

A number of brokerages have weighed in on RDDT. B. Riley boosted their price target on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Robert W. Baird upped their target price on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. The Goldman Sachs Group lifted their price target on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Redburn Atlantic initiated coverage on shares of Reddit in a report on Monday, March 17th. They set a “sell” rating and a $75.00 price objective for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $220.00 target price on shares of Reddit in a report on Friday, March 21st.

Reddit Stock Performance

Shares of NYSE RDDT opened at $86.72 on Monday. The stock has a market cap of $15.69 billion and a price-to-earnings ratio of -11.22. The business has a 50 day simple moving average of $157.86 and a 200 day simple moving average of $139.25. Reddit has a 52 week low of $37.35 and a 52 week high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 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%. On average, analysts predict that Reddit will post 1.12 EPS for the current year.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Monday, March 31st. The stock was sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the completion of the transaction, the chief executive officer now directly owns 577,013 shares of the company’s stock, valued at approximately $59,593,902.64. This trade represents a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benjamin Seong Lee sold 92,299 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the sale, the insider now directly owns 115,001 shares in the company, valued at approximately $18,095,407.35. The trade was a 44.52 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 603,794 shares of company stock valued at $89,386,704.

Hedge Funds Weigh In On Reddit

Institutional investors have recently added to or reduced their stakes in the company. Ridgewood Investments LLC increased its holdings in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares in the last quarter. Proficio Capital Partners LLC increased its holdings in Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock valued at $966,000 after purchasing an additional 120 shares in the last quarter. Farther Finance Advisors LLC raised its position in Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after purchasing an additional 147 shares during the last quarter. UMB Bank n.a. raised its position in Reddit by 10.8% in the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after purchasing an additional 150 shares during the last quarter. Finally, Foundations Investment Advisors LLC boosted its stake in Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after purchasing an additional 155 shares in the last quarter.

About Reddit

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.