Reddit, Inc. (NYSE:RDDT) Receives $132.70 Consensus Price Target from Analysts

Shares of Reddit, Inc. (NYSE:RDDT) have received an average recommendation of “Moderate Buy” from the twenty-one research firms that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have given a hold recommendation, fourteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $132.70.

Several brokerages have issued reports on RDDT. Wells Fargo & Company initiated coverage on Reddit in a report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective on the stock. Citigroup lifted their target price on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a report on Friday. Raymond James lifted their price objective on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. Bank of America increased their target price on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group boosted their price target on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th.

Reddit Stock Down 1.2 %

Shares of RDDT opened at $168.61 on Friday. Reddit has a 52-week low of $37.35 and a 52-week high of $180.74. The stock has a 50 day moving average price of $127.73 and a 200 day moving average price of $85.53.

Reddit (NYSE:RDDT) last issued its 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 business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The company’s revenue was up 67.9% on a year-over-year basis. Research analysts anticipate that Reddit will post -3.46 EPS for the current year.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $76.27, for a total value of $2,542,384.18. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at approximately $117,643,195.39. The trade was a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the transaction, the chief executive officer now directly owns 620,971 shares in the company, valued at approximately $109,415,090.20. This represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 253,357 shares of company stock worth $32,041,530.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Whittier Trust Co. acquired a new position in Reddit during the third quarter worth about $42,000. Daiwa Securities Group Inc. bought a new stake in shares of Reddit in the 3rd quarter worth approximately $85,000. UMB Bank n.a. acquired a new stake in Reddit during the second quarter valued at approximately $88,000. SOA Wealth Advisors LLC. lifted its stake in Reddit by 56.3% during the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after purchasing an additional 691 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in Reddit during the third quarter worth approximately $144,000.

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.