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

Shares of Reddit, Inc. (NYSE:RDDT) have earned an average recommendation of “Moderate Buy” from the twenty-two analysts that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, nine have given a hold recommendation, eleven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $173.45.

Several brokerages have issued reports on RDDT. Jefferies Financial Group raised their price objective on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Raymond James dropped their price objective on Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a report on Wednesday. JMP Securities raised their price objective on Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a report on Thursday, February 13th. Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Finally, Robert W. Baird increased their target price on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th.

Insider Buying and Selling at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the transaction, the insider now directly owns 115,001 shares of the company’s stock, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now directly owns 48,418 shares of the company’s stock, valued at approximately $7,621,477.38. This trade represents a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 393,386 shares of company stock valued at $66,673,388.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RDDT. FMR LLC increased its stake in shares of Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares in the last quarter. Jennison Associates LLC purchased a new position in shares of Reddit during the 4th quarter worth approximately $494,861,000. Alliancebernstein L.P. increased its stake in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after purchasing an additional 2,537,768 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its stake in shares of Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after purchasing an additional 2,225,895 shares in the last quarter.

Reddit Price Performance

NYSE:RDDT opened at $130.74 on Thursday. The business’s fifty day moving average price is $178.95 and its 200 day moving average price is $132.30. The firm has a market capitalization of $23.65 billion and a PE ratio of -16.91. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. As a group, equities analysts anticipate that Reddit will post 1.12 EPS for the current year.

About Reddit

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.