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

Shares of Reddit Inc. (NYSE:RDDT) have received a consensus recommendation of “Moderate Buy” from the thirty ratings firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation, seventeen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $238.7778.

Several equities research analysts have recently commented on RDDT shares. Evercore reiterated an “outperform” rating and set a $290.00 price target on shares of Reddit in a research report on Friday, February 6th. Truist Financial raised their price objective on shares of Reddit from $270.00 to $275.00 and gave the company a “buy” rating in a research note on Friday, February 6th. Wells Fargo & Company set a $196.00 target price on shares of Reddit in a report on Monday, February 9th. Cantor Fitzgerald dropped their target price on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Finally, Morgan Stanley set a $240.00 price target on Reddit in a research note on Friday, February 6th.

Insider Transactions at Reddit

In related news, CTO Christopher Brian Slowe sold 24,000 shares of the stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $192.72, for a total value of $4,625,280.00. Following the sale, the chief technology officer directly owned 175,694 shares in the company, valued at $33,859,747.68. This trade represents a 12.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Jennifer L. Wong sold 63,427 shares of Reddit stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $192.72, for a total transaction of $12,223,651.44. Following the transaction, the chief operating officer directly owned 1,184,528 shares in the company, valued at $228,282,236.16. The trade was a 5.08% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 520,975 shares of company stock valued at $112,083,885. Corporate insiders own 34.25% of the company’s stock.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently bought and sold shares of RDDT. Raiffeisen Bank International AG bought a new stake in shares of Reddit in the 3rd quarter valued at $25,000. GW&K Investment Management LLC bought a new position in Reddit during the third quarter worth about $30,000. Cornerstone Planning Group LLC grew its stake in Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after acquiring an additional 135 shares during the period. LOM Asset Management Ltd bought a new stake in shares of Reddit in the fourth quarter worth about $33,000. Finally, Noble Wealth Management PBC bought a new stake in shares of Reddit in the fourth quarter worth about $34,000.

Reddit Stock Up 6.0%

RDDT stock opened at $147.63 on Thursday. Reddit has a twelve month low of $79.75 and a twelve month high of $282.95. The company has a market cap of $28.20 billion, a P/E ratio of 56.35, a PEG ratio of 1.03 and a beta of 2.17. The business has a fifty day moving average of $207.07 and a 200-day moving average of $214.36.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.28. The business had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The firm’s quarterly revenue was up 69.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.36 earnings per share. As a group, equities research analysts anticipate that Reddit will post 1.12 earnings per share for the current fiscal year.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.