Analysts Set Reddit, Inc. (NYSE:RDDT) PT at $65.56

Reddit, Inc. (NYSE:RDDT) has been assigned a consensus rating of “Moderate Buy” from the seventeen ratings firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation, nine have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $65.56.

Several equities research analysts have issued reports on the stock. Raymond James raised their price target on shares of Reddit from $65.00 to $70.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 31st. JMP Securities reissued a “market outperform” rating and issued a $84.00 price target on shares of Reddit in a report on Tuesday, July 30th. Morgan Stanley lifted their price target on shares of Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Bank of America lifted their price objective on shares of Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. dropped their price objective on Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th.

Reddit Stock Up 0.1 %

RDDT opened at $59.15 on Thursday. Reddit has a 12 month low of $37.35 and a 12 month high of $78.08. The stock has a 50-day moving average of $60.03.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. The business’s revenue was up 53.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.70) EPS. Analysts anticipate that Reddit will post -4.17 earnings per share for the current year.

Insiders Place Their Bets

In other Reddit news, CAO Michelle Marie Reynolds sold 8,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $60.00, for a total value of $480,000.00. Following the sale, the chief accounting officer now directly owns 66,238 shares in the company, valued at $3,974,280. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Benjamin Seong Lee sold 45,807 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the completion of the transaction, the insider now owns 194,473 shares in the company, valued at $10,499,597.27. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Michelle Marie Reynolds sold 8,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $60.00, for a total transaction of $480,000.00. Following the completion of the sale, the chief accounting officer now directly owns 66,238 shares in the company, valued at $3,974,280. The disclosure for this sale can be found here. Insiders sold a total of 204,373 shares of company stock valued at $11,095,284 in the last quarter.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Inclusive Capital Partners L.P. acquired a new position in Reddit during the first quarter worth about $103,051,000. Vanguard Group Inc. acquired a new stake in shares of Reddit during the first quarter worth about $82,167,000. Bank of New York Mellon Corp lifted its position in Reddit by 10.1% in the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after purchasing an additional 153,282 shares during the period. Marshall Wace LLP increased its holdings in Reddit by 117.2% in the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after buying an additional 457,588 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD purchased a new position in shares of Reddit during the 1st quarter worth approximately $37,015,000.

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.