Reddit Inc. (NYSE:RDDT) Receives $228.61 Average PT from Analysts

Reddit Inc. (NYSE:RDDT) has been given a consensus rating of “Moderate Buy” by the thirty brokerages that are covering the firm, Marketbeat.com reports. Eleven analysts have rated the stock with a hold recommendation, eighteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $228.6071.

A number of equities analysts have recently issued reports on RDDT shares. Oppenheimer reaffirmed an “outperform” rating and set a $225.00 price target on shares of Reddit in a research report on Friday, May 1st. Wells Fargo & Company upped their price target on Reddit from $149.00 to $176.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. Truist Financial set a $265.00 price target on Reddit in a research report on Friday, May 1st. Bank of America reduced their price target on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research report on Thursday, April 2nd. Finally, Citigroup reaffirmed an “outperform” rating on shares of Reddit in a research report on Friday, May 1st.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Friday, February 13th. The stock was sold at an average price of $138.81, for a total value of $2,498,580.00. Following the transaction, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at $62,266,834.56. This represents a 3.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Christopher Brian Slowe sold 19,036 shares of the company’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $144.05, for a total value of $2,742,135.80. Following the completion of the transaction, the chief technology officer directly owned 185,057 shares in the company, valued at approximately $26,657,460.85. The trade was a 9.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 286,977 shares of company stock valued at $42,249,539 in the last ninety days. Company insiders own 34.25% of the company’s stock.

Hedge Funds Weigh In On Reddit

Hedge funds have recently made changes to their positions in the company. Raiffeisen Bank International AG acquired a new position in shares of Reddit in the 3rd quarter valued at $25,000. GW&K Investment Management LLC acquired a new position in shares of Reddit in the 3rd quarter valued at $30,000. Ascentis Independent Advisors acquired a new position in shares of Reddit in the 1st quarter valued at $30,000. Cornerstone Planning Group LLC increased its position in shares of Reddit by 13,500.0% in the 3rd 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. Finally, LOM Asset Management Ltd acquired a new position in shares of Reddit in the 4th quarter valued at $33,000.

Reddit Trading Up 2.6%

Shares of RDDT stock opened at $159.83 on Tuesday. The business’s fifty day simple moving average is $145.75 and its 200-day simple moving average is $182.78. The company has a market cap of $30.77 billion, a PE ratio of 45.66 and a beta of 1.85. Reddit has a 12-month low of $94.89 and a 12-month high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. The business had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The business’s quarterly revenue was up 69.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.13 earnings per share. On average, equities analysts forecast that Reddit will post 4.78 earnings per share for the current 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.