Brokerages Set Reddit, Inc. (NYSE:RDDT) Target Price at $66.12

Reddit, Inc. (NYSE:RDDTGet Free Report) has been given a consensus rating of “Moderate Buy” by the nineteen ratings firms that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, six have given a hold recommendation, ten have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price target among brokers that have covered the stock in the last year is $69.56.

A number of equities analysts have weighed in on the company. JMP Securities reaffirmed a “market outperform” rating and set a $84.00 price target on shares of Reddit in a research report on Tuesday, July 30th. B. Riley assumed coverage on Reddit in a research report on Friday, September 20th. They set a “buy” rating and a $75.00 price target for the company. Roth Mkm dropped their price objective on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Raymond James upped their price objective on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Thursday. Finally, Sanford C. Bernstein upped their price objective on Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Monday, July 22nd.

View Our Latest Stock Analysis on Reddit

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 6,714 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $59.84, for a total value of $401,765.76. Following the completion of the sale, the chief executive officer now owns 658,352 shares of the company’s stock, valued at approximately $39,395,783.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Steve Ladd Huffman sold 6,714 shares of Reddit stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $59.84, for a total transaction of $401,765.76. Following the transaction, the chief executive officer now owns 658,352 shares of the company’s stock, valued at $39,395,783.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Christopher Brian Slowe sold 11,000 shares of Reddit stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $65.56, for a total value of $721,160.00. Following the transaction, the chief technology officer now directly owns 339,295 shares in the company, valued at approximately $22,244,180.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 337,993 shares of company stock valued at $19,517,419.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RDDT. Congress Park Capital LLC purchased a new position in Reddit in the first quarter worth $279,000. Commonwealth Equity Services LLC purchased a new position in Reddit in the first quarter worth $1,111,000. BNP Paribas Financial Markets purchased a new position in Reddit in the first quarter worth $37,000. SG Americas Securities LLC purchased a new position in Reddit in the first quarter worth $265,000. Finally, ANTIPODES PARTNERS Ltd purchased a new position in Reddit in the first quarter worth $63,000.

Reddit Stock Up 4.7 %

Shares of RDDT stock opened at $73.19 on Monday. The stock has a 50-day moving average of $60.86 and a 200-day moving average of $58.17. Reddit has a one year low of $37.35 and a one year high of $78.08.

Reddit (NYSE:RDDTGet Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.25. The business had revenue of $281.20 million during the quarter, compared to analyst estimates of $253.86 million. During the same quarter in the prior year, the firm posted ($0.70) earnings per share. Reddit’s revenue for the quarter was up 53.6% compared to the same quarter last year. As a group, research analysts expect that Reddit will post -4.11 EPS for the current year.

About Reddit

(Get Free Report

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.

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Analyst Recommendations for Reddit (NYSE:RDDT)

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