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

Reddit, Inc. (NYSE:RDDTGet Free Report) has received a consensus recommendation of “Moderate Buy” from the sixteen research firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating on the company.

A number of analysts have commented on the company. Roth Mkm raised their price objective on Reddit from $50.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Roth Capital reiterated a “buy” rating on shares of Reddit in a research note on Monday, April 15th. Needham & Company LLC restated a “buy” rating and issued a $63.00 price objective on shares of Reddit in a research note on Friday, May 17th. Robert W. Baird raised their price objective on shares of Reddit from $50.00 to $59.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Reddit from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 17th.

Check Out Our Latest Report on Reddit

Insider Activity

In related news, CTO Christopher Brian Slowe sold 185,000 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the transaction, the chief technology officer now owns 413,684 shares in the company, valued at approximately 13,361,993.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CTO Christopher Brian Slowe sold 185,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 5,975,500.00. Following the completion of the sale, the chief technology officer now owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 500,000 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 16,150,000.00. Following the transaction, the chief executive officer now directly owns 710,306 shares in the company, valued at approximately 22,942,883.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,277,487 shares of company stock worth $46,396,065.

Hedge Funds Weigh In On Reddit

Hedge funds have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale acquired a new position in Reddit during the 1st quarter valued at about $7,363,000. Rokos Capital Management LLP bought a new stake in shares of Reddit during the first quarter worth approximately $370,000. Janus Henderson Group PLC acquired a new position in Reddit in the first quarter valued at approximately $741,000. Blackstone Inc. bought a new position in Reddit in the first quarter valued at approximately $36,990,000. Finally, BlueCrest Capital Management Ltd bought a new position in Reddit in the first quarter valued at approximately $1,480,000.

Reddit Stock Performance

Shares of Reddit stock opened at 59.63 on Tuesday. Reddit has a 1 year low of 37.35 and a 1 year high of 74.90. The business has a fifty day moving average of 50.65.

Reddit (NYSE:RDDTGet Free Report) last posted its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing the consensus estimate of -2.34 by -5.85. The firm had revenue of 243.00 million for the quarter, compared to the consensus estimate of 213.99 million. During the same quarter last year, the firm posted ($1.05) EPS. The business’s revenue for the quarter was up 48.4% on a year-over-year basis. On average, sell-side analysts anticipate that Reddit will post -4.71 earnings per share for the current year.

Reddit Company Profile

(Get Free Report

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.

Recommended Stories

Analyst Recommendations for Reddit (NYSE:RDDT)

Receive News & Ratings for Reddit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reddit and related companies with MarketBeat.com's FREE daily email newsletter.