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

Shares of Reddit, Inc. (NYSE:RDDT) have been given an average recommendation of “Moderate Buy” by the twenty-two ratings firms that are presently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $163.00.

A number of analysts have commented on the stock. Bank of America upped their price target on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. B. Riley upped their target price on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Seaport Res Ptn raised Reddit to a “hold” rating in a research note on Thursday, February 6th. Redburn Atlantic began coverage on Reddit in a research note on Monday, March 17th. They issued a “sell” rating and a $75.00 price target on the stock. Finally, Robert W. Baird increased their price target on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th.

Reddit Price Performance

Reddit stock opened at $86.72 on Monday. The business has a 50 day moving average of $157.86 and a 200-day moving average of $138.19. The company has a market capitalization of $15.69 billion and a P/E ratio of -11.22. Reddit has a 1 year low of $37.35 and a 1 year high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Equities analysts anticipate that Reddit will post 1.12 EPS for the current year.

Insider Transactions at Reddit

In other 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 transaction of $1,445,920.00. Following the sale, the chief executive officer now directly owns 577,013 shares in the company, valued at $59,593,902.64. The trade was a 2.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Andrew Vollero sold 100,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the transaction, the chief financial officer now owns 499,295 shares of the company’s stock, valued at approximately $61,952,523.60. The trade was a 16.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 603,794 shares of company stock worth $89,386,704 in the last 90 days.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently bought and sold shares of the company. FMR LLC raised its stake in shares of Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company’s stock valued at $2,136,288,000 after buying an additional 913,189 shares during the period. Vanguard Group Inc. increased its holdings in Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after acquiring an additional 5,950,909 shares during the last quarter. Jennison Associates LLC bought a new stake in Reddit in the 4th quarter valued at about $494,861,000. Holocene Advisors LP raised its stake in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after acquiring an additional 1,923,109 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in Reddit by 1,011.1% during the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after purchasing an additional 2,537,768 shares during the last quarter.

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.