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

Reddit, Inc. (NYSE:RDDT) has been given an average rating of “Moderate Buy” by the sixteen research firms that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating on the company.

A number of equities research analysts recently weighed in on RDDT shares. Needham & Company LLC boosted their price objective on Reddit from $63.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, June 18th. Robert W. Baird lifted their target price on shares of Reddit from $50.00 to $59.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Sanford C. Bernstein raised their price objective on shares of Reddit from $40.00 to $45.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 8th. The Goldman Sachs Group increased their price target on Reddit from $40.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, May 9th. Finally, Piper Sandler lifted their price target on Reddit from $50.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th.

Reddit Stock Up 4.2 %

NYSE RDDT opened at 66.59 on Friday. The firm has a 50-day simple moving average of 56.00. Reddit has a 12-month low of 37.35 and a 12-month high of 74.90.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The business had revenue of 243.00 million for the quarter, compared to analysts’ expectations of 213.99 million. The firm’s quarterly revenue was up 48.4% on a year-over-year basis. During the same quarter last year, the firm earned ($1.05) EPS. On average, research analysts forecast that Reddit will post -4.71 EPS for the current fiscal year.

Insider Activity at Reddit

In related news, CFO Andrew Vollero sold 50,580 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,981,185.20. Following the sale, the chief financial officer now directly owns 631,080 shares of the company’s stock, valued at 37,195,855.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CTO Christopher Brian Slowe sold 33,019 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 1,946,139.86. Following the completion of the sale, the chief technology officer now owns 380,665 shares in the company, valued at 22,436,395.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Andrew Vollero sold 50,580 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 2,981,185.20. Following the completion of the transaction, the chief financial officer now owns 631,080 shares in the company, valued at 37,195,855.20. The disclosure for this sale can be found here. Insiders sold a total of 192,689 shares of company stock worth $11,357,090 over the last quarter.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale purchased a new position in Reddit during the first quarter valued at $7,363,000. Rokos Capital Management LLP bought a new position in Reddit in the 1st quarter worth about $370,000. Janus Henderson Group PLC bought a new position in Reddit in the first quarter worth approximately $741,000. Blackstone Inc. purchased a new stake in shares of Reddit in the 1st quarter worth approximately $36,990,000. Finally, BlueCrest Capital Management Ltd purchased a new position in shares of Reddit in the 1st quarter valued at $1,480,000.

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.