Brokerages Set Reddit Inc. (NYSE:RDDT) PT at $228.61

Reddit Inc. (NYSE:RDDT) has received an average recommendation of “Moderate Buy” from the thirty ratings firms that are covering the stock, MarketBeat Ratings 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 brokers that have issued ratings on the stock in the last year is $230.75.

RDDT has been the topic of a number of research reports. Jefferies Financial Group lowered their price target on Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Bank of America lowered their target price on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Zacks Research cut Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Citigroup reiterated a “market outperform” rating on shares of Reddit in a report on Tuesday, May 26th. Finally, Robert W. Baird set a $200.00 target price on Reddit in a report on Friday, February 6th.

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 15,500 shares of the firm’s stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the sale, the chief technology officer owned 38,413 shares in the company, valued at $5,787,686.71. This trade represents a 28.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $174.13, for a total value of $3,134,340.00. Following the sale, the chief executive officer owned 373,814 shares in the company, valued at $65,092,231.82. This trade represents a 4.59% decrease in their position. 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. Insiders have sold 259,999 shares of company stock worth $39,812,508 over the last quarter. 28.48% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Reddit by 12.9% in the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after purchasing an additional 1,401,293 shares during the period. Optimize Financial Inc purchased a new position in Reddit in the third quarter valued at about $1,420,000. Truist Financial Corp raised its position in Reddit by 67.7% in the fourth quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock valued at $3,600,000 after purchasing an additional 6,321 shares during the period. Swiss Life Asset Management Ltd raised its position in Reddit by 63.2% in the fourth quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock valued at $7,357,000 after purchasing an additional 12,398 shares during the period. Finally, WT Asset Management Ltd purchased a new position in Reddit in the third quarter valued at about $92,973,000.

Reddit Stock Performance

Reddit stock opened at $173.37 on Friday. Reddit has a one year low of $110.85 and a one year high of $282.95. The business has a fifty day moving average of $153.12 and a two-hundred day moving average of $177.36. The company has a market cap of $33.38 billion, a P/E ratio of 49.53 and a beta of 1.91.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. The company had revenue of $663.41 million during 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%.Reddit’s quarterly revenue was up 69.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.13 earnings per share. Sell-side analysts predict that Reddit will post 4.83 EPS 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.