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

Shares of Reddit, Inc. (NYSE:RDDT) have been given a consensus rating of “Moderate Buy” by the sixteen analysts that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation, seven have issued a buy recommendation and one has issued a strong buy recommendation on the company.

A number of analysts recently issued reports on RDDT shares. Deutsche Bank Aktiengesellschaft boosted their price target on Reddit from $62.00 to $65.00 and gave the company a “buy” rating in a report on Friday, May 17th. Raymond James assumed coverage on Reddit in a report on Monday, April 15th. They set a “strong-buy” rating and a $50.00 target price for the company. Robert W. Baird upped their target price on Reddit from $50.00 to $59.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Morgan Stanley upped their target price on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Finally, Bank of America assumed coverage on Reddit in a report on Tuesday, April 16th. They set a “neutral” rating and a $46.00 target price for the company.

Reddit Stock Up 0.5 %

Shares of NYSE RDDT opened at 62.36 on Wednesday. The company has a 50 day moving average price of 63.15. Reddit has a 52-week low of 37.35 and a 52-week high of 78.08.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The company had revenue of 243.00 million during the quarter, compared to analysts’ expectations of 213.99 million. The business’s revenue for the quarter was up 48.4% compared to the same quarter last year. During the same period last year, the firm earned ($1.05) EPS. Analysts anticipate that Reddit will post -4.62 EPS for the current year.

Insider Transactions at Reddit

In related news, CFO Andrew Vollero sold 50,580 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,981,185.20. Following the transaction, the chief financial officer now directly owns 631,080 shares of the company’s stock, valued at approximately 37,195,855.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Steve Ladd Huffman sold 42,299 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,493,103.06. Following the transaction, the chief executive officer now directly owns 689,157 shares of the company’s stock, valued at approximately 40,618,913.58. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Andrew Vollero sold 50,580 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 2,981,185.20. Following the completion of the transaction, the chief financial officer now directly owns 631,080 shares in the company, valued at 37,195,855.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 192,689 shares of company stock valued at $11,357,090.

Hedge Funds Weigh In On Reddit

Several hedge funds have recently made changes to their positions in RDDT. Inclusive Capital Partners L.P. acquired a new stake in Reddit during the 1st quarter worth about $103,051,000. Vanguard Group Inc. acquired a new stake in Reddit during the 1st quarter worth about $82,167,000. Price T Rowe Associates Inc. MD acquired a new stake in Reddit during the 1st quarter worth about $37,015,000. Blackstone Inc. acquired a new stake in Reddit during the 1st quarter worth about $36,990,000. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Reddit during the 2nd quarter worth about $19,876,000.

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.