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

Shares of Reddit, Inc. (NYSE:RDDT) have received a consensus rating of “Moderate Buy” from the nineteen research firms that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $98.17.

RDDT has been the topic of several research analyst reports. Cannonball Research initiated coverage on Reddit in a research note on Tuesday, August 6th. They set a “buy” rating and a $67.00 target price on the stock. Jefferies Financial Group boosted their target price on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday. Citigroup upped their price target on Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Sanford C. Bernstein upped their price target on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group upped their price target on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th.

Reddit Trading Down 3.2 %

Shares of RDDT stock opened at $141.95 on Tuesday. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $158.49. The stock has a 50 day moving average price of $93.72 and a two-hundred day moving average price of $72.18.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $313.61 million. The business’s revenue was up 67.9% compared to the same quarter last year. On average, analysts predict that Reddit will post -3.63 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other news, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.06, for a total value of $2,704,885.14. Following the transaction, the insider now owns 138,401 shares of the company’s stock, valued at $20,214,850.06. This trade represents a 11.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mary Porter Gale sold 5,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $114.40, for a total value of $572,000.00. Following the sale, the director now owns 46,459 shares of the company’s stock, valued at $5,314,909.60. This represents a 9.72 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 298,520 shares of company stock valued at $26,771,297.

Institutional Trading of Reddit

Several institutional investors have recently made changes to their positions in the business. Whittier Trust Co. purchased a new position in Reddit during the 3rd quarter valued at approximately $42,000. BNP Paribas Financial Markets purchased a new position in Reddit during the 1st quarter valued at approximately $37,000. SOA Wealth Advisors LLC. purchased a new position in Reddit during the 2nd quarter valued at approximately $78,000. Daiwa Securities Group Inc. purchased a new position in Reddit during the 3rd quarter valued at approximately $85,000. Finally, UMB Bank n.a. purchased a new position in Reddit during the 2nd quarter valued at approximately $88,000.

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.