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

Reddit, Inc. (NYSE:RDDT) has been assigned an average recommendation of “Moderate Buy” from the sixteen analysts that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating on the company.

RDDT has been the subject of several research reports. Morgan Stanley initiated coverage on Reddit in a research note on Monday, April 15th. They issued an “equal weight” rating and a $45.00 target price for the company. JPMorgan Chase & Co. assumed coverage on Reddit in a research note on Monday, April 15th. They issued a “neutral” rating and a $47.00 target price for the company. Raymond James assumed coverage on Reddit in a research report on Monday, April 15th. They issued a “strong-buy” rating and a $50.00 price objective for the company. Citigroup boosted their price objective on Reddit from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Finally, Bank of America assumed coverage on Reddit in a research report on Tuesday, April 16th. They issued a “neutral” rating and a $46.00 price objective for the company.

Insider Activity at Reddit

In other Reddit news, CFO Andrew Vollero sold 50,580 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,981,185.20. Following the completion of the transaction, the chief financial officer now owns 631,080 shares in the company, valued at 37,195,855.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Reddit news, CFO Andrew Vollero sold 50,580 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,981,185.20. Following the completion of the transaction, the chief financial officer now owns 631,080 shares in the company, valued at 37,195,855.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Christopher Brian Slowe sold 33,019 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 1,946,139.86. Following the completion of the transaction, the chief technology officer now owns 380,665 shares of the company’s stock, valued at approximately 22,436,395.10. The disclosure for this sale can be found here. Insiders sold a total of 192,689 shares of company stock worth $11,357,090 over the last quarter.

Institutional Investors Weigh In On Reddit

A number of institutional investors have recently modified their holdings of RDDT. Global Retirement Partners LLC purchased a new stake in shares of Reddit in the first quarter worth $27,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit in the first quarter worth $37,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Reddit in the first quarter worth $63,000. Sandia Investment Management LP purchased a new stake in shares of Reddit in the first quarter worth $79,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Reddit in the first quarter worth $265,000.

Reddit Price Performance

RDDT stock opened at 63.89 on Friday. The stock’s fifty day moving average is 55.05. Reddit has a one year low of 37.35 and a one year high of 74.90.

Reddit (NYSE:RDDT) last issued its earnings results 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 business had revenue of 243.00 million during the quarter, compared to analyst estimates of 213.99 million. Reddit’s quarterly revenue was up 48.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.05) earnings per share. As a group, sell-side analysts anticipate that Reddit will post -4.71 earnings per share for the current fiscal 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.