Reddit, Inc. (NYSE:RDDT) Receives $165.71 Consensus Price Target from Brokerages

Reddit, Inc. (NYSE:RDDT) has been assigned an average rating of “Moderate Buy” from the twenty-two brokerages that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $163.00.

A number of equities research analysts recently weighed in on the company. B. Riley upped their price target on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Morgan Stanley upped their target price on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Needham & Company LLC restated a “buy” rating and issued a $220.00 price target on shares of Reddit in a research report on Friday, March 21st. Loop Capital reiterated a “buy” rating and issued a $210.00 price objective on shares of Reddit in a research report on Tuesday, March 11th. Finally, JMP Securities set a $155.00 target price on shares of Reddit in a report on Friday, March 28th.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Monday, March 31st. The stock was sold at an average price of $103.28, for a total value of $1,445,920.00. Following the transaction, the chief executive officer now owns 577,013 shares in the company, valued at approximately $59,593,902.64. This trade represents a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 100,000 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $12,408,000.00. Following the sale, the chief financial officer now directly owns 499,295 shares of the company’s stock, valued at approximately $61,952,523.60. This trade represents a 16.69 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 603,794 shares of company stock worth $89,386,704.

Institutional Trading of Reddit

Institutional investors and hedge funds have recently bought and sold shares of the business. Plato Investment Management Ltd purchased a new stake in Reddit during the fourth quarter worth approximately $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit during the 4th quarter worth $28,000. Ridgewood Investments LLC increased its holdings in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. purchased a new position in Reddit in the fourth quarter valued at about $33,000. Finally, Bogart Wealth LLC acquired a new position in shares of Reddit during the fourth quarter worth about $33,000.

Reddit Stock Performance

Reddit stock opened at $109.33 on Monday. The company has a market cap of $19.78 billion and a P/E ratio of -14.14. Reddit has a one year low of $37.35 and a one year high of $230.41. The business has a fifty day moving average of $161.47 and a two-hundred day moving average of $138.29.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Sell-side analysts predict that Reddit will post 1.12 EPS for the current year.

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.