Reddit, Inc. (NYSE:RDDT) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Reddit, Inc. (NYSE:RDDT) have been given a consensus rating of “Moderate Buy” by the twenty-one brokerages that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, fourteen have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $132.70.

Several equities research analysts have recently commented on RDDT shares. B. Riley reiterated a “buy” rating and set a $112.00 price target (up previously from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. Guggenheim initiated coverage on shares of Reddit in a research note on Friday. They issued a “buy” rating and a $210.00 target price for the company. JMP Securities upped their price target on Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research report on Monday, November 25th. Wells Fargo & Company started coverage on Reddit in a research report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price target on the stock. Finally, Bank of America boosted their price target on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th.

Reddit Trading Up 4.3 %

RDDT opened at $170.71 on Friday. The stock has a 50-day moving average of $127.73 and a 200-day moving average of $85.14. Reddit has a 52-week low of $37.35 and a 52-week high of $180.74.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The business’s revenue was up 67.9% compared to the same quarter last year. As a group, equities research analysts forecast that Reddit will post -3.46 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.20, for a total value of $2,466,800.00. Following the completion of the sale, the chief executive officer now owns 620,971 shares of the company’s stock, valued at approximately $109,415,090.20. This represents a 2.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Vollero sold 19,838 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the sale, the chief financial officer now directly owns 703,615 shares of the company’s stock, valued at approximately $100,771,740.30. The trade was a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 264,357 shares of company stock worth $32,762,690.

Institutional Trading of Reddit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC lifted its holdings in Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after acquiring an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. acquired a new position in Reddit in the third quarter valued at approximately $474,403,000. Point72 Asset Management L.P. grew its holdings in shares of Reddit by 3,172.0% during the third 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 during the last quarter. Holocene Advisors LP raised its position in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares during the last quarter. Finally, Lord Abbett & CO. LLC lifted its position in Reddit by 1,519.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after acquiring an additional 1,548,450 shares during the period.

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.