Reddit, Inc. (NYSE:RDDT) Receives $65.56 Average PT from Analysts

Shares of Reddit, Inc. (NYSE:RDDT) have been assigned a consensus recommendation of “Moderate Buy” from the seventeen brokerages that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $65.56.

Several equities research analysts recently weighed in on the company. Raymond James boosted their target price on Reddit from $65.00 to $70.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 31st. Piper Sandler boosted their target price on Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. JMP Securities restated a “market outperform” rating and issued a $84.00 price target on shares of Reddit in a research note on Tuesday, July 30th. Bank of America lifted their price target on Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. decreased their target price on Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th.

Insiders Place Their Bets

In other news, insider Benjamin Seong Lee sold 45,807 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value of $2,473,119.93. Following the completion of the sale, the insider now owns 194,473 shares in the company, valued at $10,499,597.27. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Reddit news, Director Mary Porter Gale sold 30,000 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the transaction, the director now owns 71,459 shares of the company’s stock, valued at approximately $3,738,020.29. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Benjamin Seong Lee sold 45,807 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value of $2,473,119.93. Following the transaction, the insider now directly owns 194,473 shares in the company, valued at approximately $10,499,597.27. The disclosure for this sale can be found here. Insiders sold 204,373 shares of company stock worth $11,095,284 over the last three months.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Inclusive Capital Partners L.P. acquired a new stake in shares of Reddit during the 1st quarter worth approximately $103,051,000. Vanguard Group Inc. acquired a new stake in Reddit in the 1st quarter valued at approximately $82,167,000. Bank of New York Mellon Corp increased its position in Reddit by 10.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after acquiring an additional 153,282 shares during the period. Marshall Wace LLP increased its position in Reddit by 117.2% in the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after acquiring an additional 457,588 shares during the period. Finally, Price T Rowe Associates Inc. MD acquired a new stake in Reddit in the 1st quarter valued at approximately $37,015,000.

Reddit Price Performance

NYSE RDDT opened at $59.09 on Thursday. Reddit has a one year low of $37.35 and a one year high of $78.08. The company has a fifty day moving average price of $60.30.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The business had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. During the same period in the previous year, the business posted ($0.70) earnings per share. The firm’s revenue for the quarter was up 53.6% compared to the same quarter last year. On average, sell-side analysts forecast that Reddit will post -4.17 earnings per share for the current 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.