Reddit, Inc. (NYSE:RDDT) Receives $65.56 Average Price Target from Analysts

Shares of Reddit, Inc. (NYSE:RDDT) have earned a consensus rating of “Moderate Buy” from the seventeen research firms that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $65.56.

A number of equities analysts have recently commented on the company. Loop Capital upgraded Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a report on Thursday, August 1st. Needham & Company LLC reiterated a “buy” rating and set a $75.00 price objective on shares of Reddit in a research report on Wednesday. JPMorgan Chase & Co. lowered their target price on shares of Reddit from $67.00 to $59.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Cannonball Research initiated coverage on shares of Reddit in a report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price target on the stock. Finally, Piper Sandler raised their price objective on shares of Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th.

Insider Activity at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the transaction, the insider now directly owns 194,473 shares in the company, valued at approximately $10,499,597.27. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the completion of the sale, the insider now owns 194,473 shares in the company, valued at $10,499,597.27. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 6,714 shares of Reddit stock in a transaction on Friday, August 30th. The shares were sold at an average price of $59.84, for a total value of $401,765.76. Following the completion of the transaction, the chief executive officer now owns 658,352 shares in the company, valued at $39,395,783.68. The disclosure for this sale can be found here. Insiders sold 251,706 shares of company stock worth $13,896,591 over the last three months.

Institutional Trading of Reddit

Several hedge funds have recently modified their holdings of RDDT. Inclusive Capital Partners L.P. bought a new position in shares of Reddit during the 1st quarter worth approximately $103,051,000. Vanguard Group Inc. acquired a new position in shares of Reddit during the first quarter worth $82,167,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of Reddit during the 1st quarter valued at $37,015,000. Blackstone Inc. acquired a new stake in shares of Reddit in the 1st quarter worth $36,990,000. Finally, Marshall Wace LLP grew its stake in Reddit by 117.2% during the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after buying an additional 457,588 shares during the last quarter.

Reddit Trading Up 2.9 %

Reddit stock opened at $63.67 on Thursday. Reddit has a 52-week low of $37.35 and a 52-week high of $78.08. The company’s fifty day simple moving average is $59.74.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.25. The business had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. The firm’s quarterly revenue was up 53.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.70) earnings per share. On average, equities research analysts predict that Reddit will post -4.17 earnings per share for the current fiscal 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.