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

Shares of Reddit, Inc. (NYSE:RDDT) have been given an average rating of “Moderate Buy” by the nineteen ratings firms that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, six have given a hold recommendation, eleven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $89.72.

Several research firms have issued reports on RDDT. Roth Mkm boosted their target price on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group increased their price target on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. JMP Securities increased their target price on Reddit from $84.00 to $118.00 and gave the stock a “market outperform” rating in a research report on Wednesday, October 30th. Piper Sandler reiterated an “overweight” rating and issued a $115.00 price target (up from $70.00) on shares of Reddit in a report on Wednesday, October 30th. Finally, B. Riley restated a “buy” rating and set a $112.00 target price (up from $87.00) on shares of Reddit in a research note on Wednesday, October 30th.

Insider Transactions at Reddit

In other Reddit news, COO Jennifer L. Wong sold 50,000 shares of the firm’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 value of $3,250,500.00. Following the transaction, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at approximately $100,275,129.57. This trade represents a 0.00 % 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 the SEC website. In other Reddit news, COO Jennifer L. Wong sold 50,000 shares of Reddit stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total value of $3,250,500.00. Following the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at approximately $100,275,129.57. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of Reddit stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the sale, the chief technology officer now owns 30,068 shares in the company, valued at $2,329,668.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 394,327 shares of company stock valued at $24,868,094.

Institutional Trading of Reddit

Institutional investors have recently bought and sold shares of the business. DekaBank Deutsche Girozentrale bought a new stake in shares of Reddit in the 1st quarter valued at $7,363,000. Commonwealth Equity Services LLC purchased a new stake in Reddit during the first quarter worth about $1,111,000. VY Capital Management Co. Ltd. purchased a new stake in Reddit during the third quarter worth about $474,403,000. Claro Advisors LLC bought a new position in Reddit during the third quarter worth about $2,557,000. Finally, BNP Paribas Financial Markets bought a new position in shares of Reddit in the first quarter valued at approximately $37,000.

Reddit Price Performance

Reddit stock opened at $131.47 on Friday. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $133.25. The stock has a 50-day simple moving average of $73.72 and a 200-day simple moving average of $63.88.

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