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

Reddit, Inc. (NYSE:RDDT) has received an average rating of “Moderate Buy” from the twenty-four ratings firms that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, nine have issued a hold recommendation, twelve have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $139.35.

A number of equities research analysts have recently weighed in on RDDT shares. Loop Capital cut their target price on shares of Reddit from $210.00 to $200.00 and set a “buy” rating on the stock in a research note on Thursday. Seaport Res Ptn upgraded Reddit from a “hold” rating to a “strong-buy” rating in a report on Monday, May 5th. Roth Mkm increased their target price on Reddit from $120.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. Wall Street Zen upgraded Reddit from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Roth Capital reaffirmed a “neutral” rating on shares of Reddit in a research note on Friday, May 2nd.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $110.05, for a total value of $1,540,700.00. Following the transaction, the chief executive officer now directly owns 560,133 shares of the company’s stock, valued at $61,642,636.65. This represents a 2.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the completion of the sale, the chief operating officer now directly owns 1,466,119 shares of the company’s stock, valued at $137,800,524.81. This represents a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 553,467 shares of company stock worth $60,888,391 in the last 90 days. Corporate insiders own 34.25% of the company’s stock.

Institutional Trading of Reddit

Several large investors have recently modified their holdings of the company. Cim LLC bought a new stake in Reddit during the 1st quarter valued at approximately $795,000. First Hawaiian Bank bought a new stake in shares of Reddit in the first quarter valued at approximately $818,000. Rhumbline Advisers boosted its position in shares of Reddit by 202.7% in the first quarter. Rhumbline Advisers now owns 13,682 shares of the company’s stock valued at $1,435,000 after acquiring an additional 9,162 shares during the period. Siren L.L.C. acquired a new stake in shares of Reddit in the first quarter worth $2,465,000. Finally, Geneos Wealth Management Inc. increased its position in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after acquiring an additional 286 shares during the period.

Reddit Stock Performance

Reddit stock opened at $118.05 on Friday. Reddit has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The stock has a market cap of $21.78 billion, a P/E ratio of -15.27, a price-to-earnings-growth ratio of 4.72 and a beta of 1.99. The firm’s fifty day moving average price is $108.87 and its 200-day moving average price is $142.78.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The firm had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. During the same period in the previous year, the business posted ($8.19) EPS. The business’s quarterly revenue was up 61.5% on a year-over-year basis. On average, analysts predict that Reddit will post 1.12 earnings per share for the current year.

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.