Reddit, Inc. (NYSE:RDDT) Receives $132.70 Average PT from Brokerages

Shares of Reddit, Inc. (NYSE:RDDT) have earned a consensus rating of “Moderate Buy” from the twenty-one research firms that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $132.70.

RDDT has been the subject of a number of research analyst reports. Guggenheim assumed coverage on Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 target price for the company. JMP Securities boosted their target price on Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research report on Monday, November 25th. Piper Sandler restated an “overweight” rating and set a $150.00 target price (up previously from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. JPMorgan Chase & Co. lifted their price target on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Finally, Needham & Company LLC increased their price objective on shares of Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $66.20, for a total transaction of $926,800.00. Following the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $43,147,505. This trade represents a 2.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 11,000 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $169.85, for a total value of $1,868,350.00. Following the completion of the transaction, the chief technology officer now owns 324,837 shares of the company’s stock, valued at $55,173,564.45. The trade was a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 264,357 shares of company stock valued at $33,909,880.

Hedge Funds Weigh In On Reddit

Hedge funds have recently modified their holdings of the stock. Whittier Trust Co. bought a new stake in Reddit in the 3rd quarter valued at $42,000. Daiwa Securities Group Inc. bought a new stake in shares of Reddit in the third quarter worth about $85,000. UMB Bank n.a. purchased a new stake in shares of Reddit in the second quarter worth about $88,000. SOA Wealth Advisors LLC. boosted its stake in Reddit by 56.3% during the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after buying an additional 691 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new position in Reddit during the 3rd quarter valued at approximately $144,000.

Reddit Price Performance

Shares of RDDT stock opened at $173.54 on Friday. Reddit has a one year low of $37.35 and a one year high of $182.20. The company’s 50-day moving average is $137.51 and its 200 day moving average is $89.14.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business’s quarterly revenue was up 67.9% on a year-over-year basis. Analysts predict that Reddit will post -3.46 earnings per share for the current year.

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.