Reddit, Inc. (NYSE:RDDT) Receives $66.12 Consensus Price Target from Analysts

Shares of Reddit, Inc. (NYSE:RDDT) have received a consensus rating of “Moderate Buy” from the nineteen brokerages that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, six have given a hold recommendation, ten have given a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $69.56.

RDDT has been the subject of a number of analyst reports. Loop Capital raised shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research note on Thursday, August 1st. Sanford C. Bernstein upped their target price on Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a report on Monday, July 22nd. JMP Securities reiterated a “market outperform” rating and issued a $84.00 target price on shares of Reddit in a report on Tuesday, July 30th. Roth Mkm dropped their target price on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, Bank of America upped their target price on Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th.

Reddit Price Performance

Shares of NYSE RDDT opened at $73.19 on Monday. Reddit has a twelve month low of $37.35 and a twelve month high of $78.08. The firm has a 50-day moving average of $60.86 and a two-hundred day moving average of $58.17.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. During the same period in the prior year, the company posted ($0.70) earnings per share. Reddit’s quarterly revenue was up 53.6% compared to the same quarter last year. Equities analysts predict that Reddit will post -4.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In other news, Director Mary Porter Gale sold 15,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $52.73, for a total value of $790,950.00. Following the completion of the sale, the director now directly owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Mary Porter Gale sold 15,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $52.73, for a total value of $790,950.00. Following the completion of the transaction, the director now directly owns 101,459 shares of the company’s stock, valued at $5,349,933.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total value of $755,720.00. Following the completion of the transaction, the chief executive officer now directly owns 672,352 shares of the company’s stock, valued at approximately $36,293,560.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 337,993 shares of company stock worth $19,517,419 over the last 90 days.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RDDT. VY Capital Management Co. Ltd. bought a new position in shares of Reddit in the third quarter valued at about $474,403,000. Inclusive Capital Partners L.P. bought a new stake in Reddit during the 1st quarter worth about $103,051,000. Vanguard Group Inc. bought a new stake in Reddit during the 1st quarter worth about $82,167,000. Price T Rowe Associates Inc. MD bought a new stake in Reddit during the 1st quarter worth about $37,015,000. Finally, Blackstone Inc. bought a new stake in Reddit during the 1st quarter worth about $36,990,000.

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.