Reddit, Inc. (NYSE:RDDT) Receives Average Recommendation of “Moderate Buy” from Analysts

Reddit, Inc. (NYSE:RDDT) has been assigned an average recommendation of “Moderate Buy” from the twenty-one ratings firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $154.25.

RDDT has been the subject of several research reports. Piper Sandler boosted their price objective on shares of Reddit from $150.00 to $197.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 14th. Needham & Company LLC upped their price target on shares of Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Citigroup raised their price objective on Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, December 20th. B. Riley upped their target price on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Finally, Loop Capital raised their target price on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a report on Monday, December 2nd.

Reddit Stock Up 7.7 %

Shares of RDDT opened at $188.74 on Wednesday. Reddit has a twelve month low of $37.35 and a twelve month high of $191.00. The stock’s fifty day simple moving average is $158.98 and its 200 day simple moving average is $101.53.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $313.61 million. Reddit’s revenue for the quarter was up 67.9% on a year-over-year basis. On average, sell-side analysts predict that Reddit will post -3.48 earnings per share for the current year.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the sale, the chief executive officer now owns 651,775 shares in the company, valued at $82,110,614.50. This represents a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mary Porter Gale sold 5,000 shares of Reddit stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $114.40, for a total value of $572,000.00. Following the completion of the transaction, the director now owns 46,459 shares of the company’s stock, valued at approximately $5,314,909.60. The trade was a 9.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 259,357 shares of company stock valued at $39,528,738 over the last three months.

Institutional Trading of Reddit

Several hedge funds have recently made changes to their positions in RDDT. Ridgewood Investments LLC lifted its position 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 during the last quarter. Whittier Trust Co. acquired a new position in Reddit during the 3rd quarter worth $42,000. AdvisorNet Financial Inc increased its holdings in shares of Reddit by 41.9% during the fourth quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after purchasing an additional 201 shares during the period. Harbor Investment Advisory LLC bought a new stake in shares of Reddit during the fourth quarter valued at about $147,000. Finally, Daiwa Securities Group Inc. acquired a new stake in Reddit in the third quarter worth about $85,000.

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.