Reddit, Inc. (NYSE:RDDT) Receives $89.72 Consensus Price Target from Analysts

Shares of Reddit, Inc. (NYSE:RDDT) have been given a consensus recommendation of “Moderate Buy” by the nineteen analysts that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation, eleven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $89.72.

A number of equities analysts have issued reports on RDDT shares. Jefferies Financial Group increased their price target on Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. The Goldman Sachs Group raised their price objective on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Citigroup raised their price objective on Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Cannonball Research began coverage on Reddit in a research note on Tuesday, August 6th. They set a “buy” rating and a $67.00 target price on the stock. Finally, Morgan Stanley lifted their target price on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd.

Reddit Stock Up 13.0 %

RDDT opened at $123.17 on Friday. Reddit has a twelve month low of $37.35 and a twelve month high of $123.60. The company has a 50-day simple moving average of $72.42 and a 200 day simple moving average of $63.48.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The company’s quarterly revenue was up 67.9% compared to the same quarter last year. Sell-side analysts anticipate that Reddit will post -4.05 EPS for the current year.

Insider Transactions at Reddit

In other Reddit news, COO Jennifer L. Wong sold 50,000 shares of Reddit stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total value of $3,250,500.00. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $100,275,129.57. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Reddit news, Director Mary Porter Gale sold 15,000 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $52.73, for a total value of $790,950.00. Following the transaction, the director now directly owns 101,459 shares in the company, valued at $5,349,933.07. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Jennifer L. Wong sold 50,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at $100,275,129.57. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 409,327 shares of company stock worth $25,659,044.

Institutional Investors Weigh In On Reddit

Several large investors have recently added to or reduced their stakes in the business. StoneCrest Wealth Management Inc. boosted its stake in Reddit by 2.6% during the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after purchasing an additional 176 shares during the period. Whittier Trust Co. purchased a new position in shares of Reddit in the 3rd quarter valued at about $42,000. BNP Paribas Financial Markets acquired a new position in Reddit during the first quarter worth about $37,000. Vestor Capital LLC raised its position in Reddit by 1.1% during the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after acquiring an additional 922 shares during the last quarter. Finally, SOA Wealth Advisors LLC. acquired a new position in Reddit during the second quarter worth about $78,000.

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.