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

Shares of Reddit, Inc. (NYSE:RDDT) have received an average rating of “Moderate Buy” from the twenty-two brokerages that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $173.45.

RDDT has been the topic of several recent research reports. Piper Sandler boosted their target price on Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. B. Riley boosted their target price on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Roth Mkm cut Reddit from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. Bank of America upped their price objective on Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Finally, Needham & Company LLC upped their price objective on Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a report on Thursday, February 13th.

Reddit Trading Up 6.5 %

NYSE:RDDT opened at $130.74 on Thursday. The firm has a market cap of $23.65 billion and a P/E ratio of -16.91. The stock has a 50 day moving average of $178.95 and a two-hundred day moving average of $132.30. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, research analysts forecast that Reddit will post 1.12 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total value of $1,883,410.65. Following the sale, the chief accounting officer now directly owns 48,418 shares in the company, valued at $7,621,477.38. This represents a 19.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 393,386 shares of company stock worth $66,673,388 over the last ninety days.

Institutional Trading of Reddit

Large investors have recently modified their holdings of the stock. Jennison Associates LLC purchased a new stake in shares of Reddit during the fourth quarter worth $494,861,000. Renaissance Capital LLC increased its holdings in Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after buying an additional 3,892 shares during the last quarter. ARK Investment Management LLC increased its holdings in Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after buying an additional 192,785 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Reddit by 27.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after buying an additional 139,135 shares during the last quarter. Finally, Assetmark Inc. increased its holdings in Reddit by 1,537,566.7% in the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after buying an additional 46,127 shares during the last quarter.

Reddit Company Profile

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.