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

Shares of Reddit, Inc. (NYSE:RDDT) have received an average recommendation of “Moderate Buy” from the twenty-two analysts that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation, twelve have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $165.71.

RDDT has been the topic of several analyst reports. Raymond James cut their price objective on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a report on Wednesday, March 12th. Redburn Atlantic initiated coverage on Reddit in a research note on Monday, March 17th. They set a “sell” rating and a $75.00 price objective for the company. The Goldman Sachs Group boosted their target price on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Morgan Stanley increased their price target on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Finally, Robert W. Baird boosted their price objective on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th.

Reddit Stock Performance

NYSE:RDDT opened at $107.57 on Monday. The stock’s fifty day moving average price is $165.95 and its two-hundred day moving average price is $137.81. The company has a market cap of $19.46 billion and a price-to-earnings ratio of -13.92. Reddit has a 52-week low of $37.35 and a 52-week high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating 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%. On average, equities analysts predict that Reddit will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total value of $2,419,060.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $106,161,139.26. The trade was a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David C. Habiger bought 774 shares of the stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average cost of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the acquisition, the director now directly owns 30,808 shares of the company’s stock, valued at approximately $4,016,130.88. This trade represents a 2.58 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 603,794 shares of company stock worth $90,255,404 in the last 90 days.

Institutional Trading of Reddit

A number of institutional investors have recently modified their holdings of the stock. FMR LLC boosted its holdings in shares of Reddit by 7.5% in the 4th quarter. FMR LLC now owns 13,070,780 shares of the company’s stock valued at $2,136,288,000 after purchasing an additional 913,189 shares in the last quarter. Vanguard Group Inc. raised its holdings in Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after buying an additional 5,950,909 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of Reddit in the fourth quarter worth $494,861,000. Holocene Advisors LP increased its stake in shares of Reddit by 177.6% in the third 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. Finally, Alliancebernstein L.P. lifted its position in shares of Reddit by 1,011.1% in 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 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.