Reddit Inc. (NYSE:RDDT) Receives $230.75 Consensus Price Target from Brokerages

Shares of Reddit Inc. (NYSE:RDDT) have earned an average recommendation of “Moderate Buy” from the thirty brokerages that are covering the firm, MarketBeat.com reports. Twelve research analysts have rated the stock with a hold rating and eighteen have issued a buy rating on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $230.75.

A number of research firms have recently weighed in on RDDT. Wells Fargo & Company upped their price target on shares of Reddit from $149.00 to $176.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price target on shares of Reddit in a research note on Wednesday, June 24th. Citizens Jmp lowered their price target on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a research note on Friday, May 1st. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $200.00 price target on shares of Reddit in a research note on Friday, May 1st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Reddit in a report on Friday, May 8th.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the sale, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $66,636,083.64. The trade was a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the business’s stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total value of $2,335,385.00. Following the sale, the chief technology officer owned 38,413 shares in the company, valued at approximately $5,787,686.71. The trade was a 28.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 241,000 shares of company stock worth $39,303,645. 28.48% of the stock is owned by corporate insiders.

Institutional Trading of Reddit

Institutional investors have recently bought and sold shares of the company. Raiffeisen Bank International AG purchased a new stake in Reddit during the third quarter worth $25,000. GW&K Investment Management LLC acquired a new position in shares of Reddit in the third quarter worth $30,000. LOM Asset Management Ltd acquired a new position in shares of Reddit in the fourth quarter worth $33,000. Noble Wealth Management PBC acquired a new position in shares of Reddit in the fourth quarter worth $34,000. Finally, Sunbelt Securities Inc. raised its holdings in shares of Reddit by 87.5% in the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock worth $26,000 after acquiring an additional 91 shares during the last quarter.

Reddit Price Performance

RDDT opened at $166.71 on Wednesday. The business has a 50 day simple moving average of $162.50 and a 200-day simple moving average of $173.11. The stock has a market capitalization of $32.09 billion, a P/E ratio of 47.63 and a beta of 1.91. Reddit has a 12 month low of $119.27 and a 12 month high of $282.95.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The company had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. During the same period in the previous year, the firm earned $0.13 EPS. The business’s revenue was up 69.1% on a year-over-year basis. Research analysts anticipate that Reddit will post 4.83 EPS for the current year.

About Reddit

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.