Analysts Set Reddit, Inc. (NYSE:RDDT) PT at $98.17

Shares of Reddit, Inc. (NYSE:RDDT) have been given an average recommendation of “Moderate Buy” by the nineteen ratings firms that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $98.17.

Several research analysts have recently issued reports on RDDT shares. Sanford C. Bernstein increased their target price on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. Citigroup raised their price objective on Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. JMP Securities upped their target price on shares of Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research report on Monday, November 25th. Jefferies Financial Group increased their price target on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Loop Capital upped their price objective on shares of Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, October 25th.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $59.19, for a total value of $828,660.00. Following the completion of the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at $38,578,562.25. This represents a 2.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Andrew Vollero sold 19,838 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $143.22, for a total value of $2,841,198.36. Following the completion of the transaction, the chief financial officer now directly owns 703,615 shares in the company, valued at approximately $100,771,740.30. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 311,644 shares of company stock worth $29,210,730 in the last ninety days.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB bought a new position in shares of Reddit during the 3rd quarter valued at approximately $3,929,000. Sanctuary Advisors LLC bought a new position in shares of Reddit in the third quarter worth approximately $144,000. SOA Wealth Advisors LLC. increased its stake in shares of Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after purchasing an additional 691 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Reddit by 176.0% during the 3rd quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock valued at $54,355,000 after purchasing an additional 525,619 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Reddit during the 3rd quarter valued at $495,000.

Reddit Price Performance

Shares of Reddit stock opened at $140.69 on Tuesday. Reddit has a 12-month low of $37.35 and a 12-month high of $158.49. The company’s fifty day simple moving average is $99.72 and its two-hundred day simple moving average is $74.35.

Reddit (NYSE:RDDT) last announced its quarterly earnings results 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 net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. On average, equities analysts expect that Reddit will post -3.63 earnings per share for the current fiscal 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.