Reddit, Inc. (NYSE:RDDT) Receives $139.35 Average PT from Analysts

Reddit, Inc. (NYSE:RDDT) has earned an average recommendation of “Moderate Buy” from the twenty-four analysts that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $139.35.

Several equities analysts recently weighed in on RDDT shares. Oppenheimer started coverage on Reddit in a research note on Wednesday, April 16th. They issued an “outperform” rating and a $125.00 price objective for the company. Robert W. Baird lowered their price target on Reddit from $140.00 to $120.00 and set a “neutral” rating for the company in a report on Wednesday, May 21st. Bank of America cut their target price on Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 9th. Redburn Atlantic started coverage on shares of Reddit in a research report on Monday, March 17th. They set a “sell” rating and a $75.00 price target on the stock. Finally, JPMorgan Chase & Co. decreased their target price on Reddit from $185.00 to $110.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th.

Insider Buying and Selling

In other news, CTO Christopher Brian Slowe sold 11,000 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $1,364,880.00. Following the transaction, the chief technology officer now directly owns 281,213 shares in the company, valued at approximately $34,892,909.04. This trade represents a 3.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $110.05, for a total transaction of $1,540,700.00. Following the completion of the transaction, the chief executive officer now directly owns 560,133 shares of the company’s stock, valued at $61,642,636.65. This trade represents a 2.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 520,134 shares of company stock worth $56,714,433. Corporate insiders own 34.25% of the company’s stock.

Institutional Investors Weigh In On Reddit

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after purchasing an additional 5,950,909 shares during the last quarter. Alliancebernstein L.P. grew its stake in Reddit by 103.0% during the 1st quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock worth $593,733,000 after buying an additional 2,871,232 shares during the last quarter. Brooklyn FI LLC acquired a new stake in Reddit in the fourth quarter worth $303,082,000. GQG Partners LLC acquired a new position in shares of Reddit during the fourth quarter valued at $271,539,000. Finally, Whale Rock Capital Management LLC bought a new position in shares of Reddit during the fourth quarter worth about $204,054,000.

Reddit Trading Up 6.9%

Reddit stock opened at $126.33 on Friday. The stock has a 50 day moving average of $109.63 and a two-hundred day moving average of $142.72. Reddit has a twelve month low of $49.13 and a twelve month high of $230.41. The stock has a market capitalization of $23.31 billion, a price-to-earnings ratio of -16.34, a PEG ratio of 4.72 and a beta of 1.99.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. The company had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The firm’s revenue for the quarter was up 61.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($8.19) EPS. Equities analysts predict that Reddit will post 1.12 earnings per share for the current year.

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.