Reddit Inc. (NYSE:RDDT) Given Consensus Rating of “Moderate Buy” by Analysts

Reddit Inc. (NYSE:RDDT) has earned a consensus rating of “Moderate Buy” from the thirty ratings firms that are currently covering the company, Marketbeat reports. Twelve analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $230.75.

A number of analysts have issued reports on the company. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $200.00 target price on shares of Reddit in a research note on Friday, May 1st. Raymond James Financial set a $180.00 target price on Reddit and gave the stock a “market perform” rating in a research note on Friday, May 1st. Jefferies Financial Group cut their target price on Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. DA Davidson reaffirmed a “buy” rating and issued a $200.00 target price on shares of Reddit in a research note on Friday, May 1st. Finally, Truist Financial set a $265.00 price target on Reddit in a report on Friday, May 1st.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $132.77, for a total transaction of $2,389,860.00. Following the completion of the transaction, the chief executive officer directly owned 411,195 shares in the company, valued at approximately $54,594,360.15. This represents a 4.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total value of $6,324,295.49. Following the transaction, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at approximately $175,752,182.97. This represents a 3.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 241,000 shares of company stock worth $39,303,645. 28.48% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Reddit

Hedge funds have recently modified their holdings of the business. Raiffeisen Bank International AG purchased a new position in shares of Reddit during the 3rd quarter worth $25,000. Sunbelt Securities Inc. boosted its holdings in Reddit by 87.5% during the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after acquiring an additional 91 shares during the period. GW&K Investment Management LLC purchased a new position in Reddit during the 3rd quarter valued at about $30,000. Ascentis Independent Advisors purchased a new position in Reddit during the 1st quarter valued at about $30,000. Finally, LOM Asset Management Ltd purchased a new position in Reddit during the 4th quarter valued at about $33,000.

Reddit Stock Down 3.1%

Shares of RDDT opened at $165.24 on Wednesday. Reddit has a 52-week low of $119.27 and a 52-week high of $282.95. The company has a market capitalization of $31.81 billion, a PE ratio of 47.21 and a beta of 1.91. The stock has a fifty day simple moving average of $162.05 and a two-hundred day simple moving average of $174.58.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The business had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. During the same period last year, the company earned $0.13 EPS. The company’s revenue for the quarter was up 69.1% on a year-over-year basis. As a group, equities analysts anticipate that Reddit will post 4.83 earnings per share for the current fiscal year.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.