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

Shares of Reddit, Inc. (NYSE:RDDT) have earned an average rating of “Moderate Buy” from the twenty-two ratings firms that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $175.95.

A number of research analysts recently weighed in on the stock. Robert W. Baird raised their price target on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. B. Riley lifted their price target on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Morgan Stanley increased their price objective on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Bank of America lifted their target price on shares of Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Finally, Roth Mkm cut shares of Reddit from a “buy” rating to a “neutral” rating and increased their target price for the company from $116.00 to $195.00 in a research report on Wednesday, January 22nd.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $176.20, for a total value of $2,466,800.00. Following the completion of the transaction, the chief executive officer now directly owns 620,971 shares of the company’s stock, valued at $109,415,090.20. The trade was a 2.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of Reddit stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the transaction, the chief technology officer now owns 35,252 shares of the company’s stock, 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. In the last ninety days, insiders sold 289,122 shares of company stock valued at $50,266,730.

Hedge Funds Weigh In On Reddit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Plato Investment Management Ltd purchased a new position in Reddit in the fourth quarter valued at $27,000. EverSource Wealth Advisors LLC acquired a new stake in Reddit in the 4th quarter valued at about $28,000. Ridgewood Investments LLC boosted its stake in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares during the period. Farmers & Merchants Investments Inc. acquired a new position in shares of Reddit during the fourth quarter worth about $33,000. Finally, Bogart Wealth LLC purchased a new stake in shares of Reddit during the fourth quarter worth approximately $33,000.

Reddit Stock Up 5.8 %

Shares of Reddit stock opened at $168.39 on Thursday. The firm has a market cap of $30.46 billion and a PE ratio of -21.78. Reddit has a twelve month low of $37.35 and a twelve month high of $230.41. The business has a 50-day moving average price of $182.91 and a 200 day moving average price of $129.76.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, sell-side analysts expect that Reddit will post 1.12 EPS for the current 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.