Reddit, Inc. (NYSE:RDDT) Given Average Rating of “Moderate Buy” by Analysts

Reddit, Inc. (NYSE:RDDT) has received a consensus recommendation of “Moderate Buy” from the twenty-one ratings firms that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, fourteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $132.70.

Several equities analysts have recently commented on RDDT shares. Wells Fargo & Company initiated coverage on Reddit in a research report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective on the stock. Robert W. Baird lifted their price target on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Loop Capital increased their target price on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Morgan Stanley upgraded shares of Reddit from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $70.00 to $200.00 in a research report on Monday, December 9th. Finally, Piper Sandler restated an “overweight” rating and set a $150.00 price target (up from $115.00) on shares of Reddit in a research report on Tuesday, November 19th.

Reddit Trading Down 1.8 %

Shares of Reddit stock opened at $173.54 on Friday. The company has a 50 day simple moving average of $137.51 and a two-hundred day simple moving average of $89.14. Reddit has a 1 year low of $37.35 and a 1 year high of $182.20.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, equities research analysts expect that Reddit will post -3.46 EPS for the current year.

Insider Buying and Selling

In other Reddit news, CFO Andrew Vollero sold 19,838 shares of Reddit stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the sale, the chief financial officer now directly owns 703,615 shares of the company’s stock, valued at approximately $100,771,740.30. The trade was a 2.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $176.23, for a total value of $5,874,274.59. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at $265,102,260.31. This represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 264,357 shares of company stock valued at $33,909,880 over the last quarter.

Institutional Trading of Reddit

Hedge funds have recently modified their holdings of the business. FMR LLC increased its stake in shares of Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. bought a new position in shares of Reddit during the third quarter valued at approximately $474,403,000. Point72 Asset Management L.P. increased its stake in shares of Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares in the last quarter. Holocene Advisors LP lifted its holdings in shares of Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares during the last quarter. Finally, Lord Abbett & CO. LLC boosted its position in shares of Reddit by 1,519.4% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after purchasing an additional 1,548,450 shares in the last quarter.

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.