Brokerages Set Reddit, Inc. (NYSE:RDDT) PT at $89.72

Shares of Reddit, Inc. (NYSE:RDDT) have been assigned a consensus recommendation of “Moderate Buy” from the nineteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have covered the stock in the last year is $89.72.

RDDT has been the topic of a number of recent research reports. B. Riley reaffirmed a “buy” rating and set a $112.00 price objective (up previously from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. JPMorgan Chase & Co. upped their price objective on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 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 report on Thursday, October 10th. Sanford C. Bernstein upped their price objective on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. Finally, Cannonball Research began coverage on Reddit in a report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price on the stock.

Insiders Place Their Bets

In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total transaction of $648,000.00. Following the completion of the sale, the chief accounting officer now owns 71,162 shares in the company, valued at approximately $3,842,748. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Andrew Vollero sold 11,287 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total transaction of $722,368.00. Following the completion of the sale, the chief financial officer now owns 840,379 shares in the company, valued at approximately $53,784,256. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Michelle Marie Reynolds sold 12,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total transaction of $648,000.00. Following the completion of the sale, the chief accounting officer now owns 71,162 shares of the company’s stock, valued at approximately $3,842,748. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 390,327 shares of company stock valued at $23,503,224.

Institutional Investors Weigh In On Reddit

A number of hedge funds have recently added to or reduced their stakes in RDDT. VY Capital Management Co. Ltd. acquired a new stake in Reddit in the third quarter valued at about $474,403,000. Inclusive Capital Partners L.P. acquired a new stake in shares of Reddit during the 1st quarter valued at approximately $103,051,000. Vanguard Group Inc. acquired a new stake in shares of Reddit during the 1st quarter valued at approximately $82,167,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Reddit during the 1st quarter worth approximately $37,015,000. Finally, Blackstone Inc. purchased a new position in shares of Reddit during the 1st quarter worth approximately $36,990,000.

Reddit Stock Performance

NYSE:RDDT opened at $112.98 on Friday. The stock’s fifty day moving average is $70.13 and its two-hundred day moving average is $62.43. Reddit has a 52 week low of $37.35 and a 52 week high of $123.60.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. Equities research analysts predict that Reddit will post -4.05 EPS 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.