Brokerages Set Reddit, Inc. (NYSE:RDDT) PT at $159.70

Reddit, Inc. (NYSE:RDDT) has received a consensus rating of “Moderate Buy” from the twenty-two ratings firms that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $162.20.

RDDT has been the subject of several recent research reports. Raymond James increased their price target on Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a report on Monday. Loop Capital boosted their price target on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Roth Mkm downgraded shares of Reddit from a “buy” rating to a “neutral” rating and raised their price objective for the company from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Robert W. Baird boosted their target price on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Finally, Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $70.00 to $200.00 in a research note on Monday, December 9th.

Reddit Stock Down 5.1 %

Reddit stock opened at $213.52 on Friday. The stock has a 50 day moving average of $178.08 and a two-hundred day moving average of $115.53. Reddit has a twelve month low of $37.35 and a twelve month high of $230.41.

Insider Activity

In other Reddit news, CFO Andrew Vollero sold 19,838 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $143.22, for a total value of $2,841,198.36. Following the completion of the transaction, the chief financial officer now directly owns 703,615 shares in the company, valued at approximately $100,771,740.30. The trade was a 2.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total value of $920,750.00. Following the sale, the chief technology officer now owns 35,252 shares in the company, valued at $6,491,655.80. This trade represents a 12.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 259,357 shares of company stock worth $41,121,108 over the last three months.

Hedge Funds Weigh In On Reddit

Several large investors have recently added to or reduced their stakes in 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 valued at $801,428,000 after acquiring an additional 9,139,196 shares during the last quarter. Vanguard Group Inc. increased its position in Reddit by 184.2% during the fourth 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 during the last quarter. VY Capital Management Co. Ltd. purchased a new position in Reddit during the third quarter worth approximately $474,403,000. Jennison Associates LLC acquired a new position in shares of Reddit in the 4th quarter valued at $494,861,000. Finally, Holocene Advisors LP grew its stake in shares of Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after buying an additional 1,923,109 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.