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

Shares of Reddit, Inc. (NYSE:RDDT) have earned an average rating of “Moderate Buy” from the twenty-one research firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, fourteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $132.70.

Several research firms recently weighed in on RDDT. Guggenheim started coverage on shares of Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective for the company. Citigroup increased their price objective on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a report on Friday, December 20th. Needham & Company LLC raised their price objective on shares of Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Piper Sandler reissued an “overweight” rating and set a $150.00 target price (up previously from $115.00) on shares of Reddit in a report on Tuesday, November 19th. Finally, The Goldman Sachs Group increased their price target on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th.

Insider Transactions at Reddit

In related news, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the transaction, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at approximately $265,102,260.31. The trade was a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total value of $387,400.00. Following the sale, the chief technology officer now owns 30,068 shares of the company’s stock, valued at $2,329,668.64. The trade was a 14.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 253,357 shares of company stock valued at $32,041,530 over the last ninety days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Whittier Trust Co. purchased a new stake in Reddit in the 3rd quarter worth approximately $42,000. Daiwa Securities Group Inc. acquired a new position in shares of Reddit in the third quarter worth $85,000. UMB Bank n.a. purchased a new stake in shares of Reddit during the second quarter worth $88,000. SOA Wealth Advisors LLC. boosted its position in Reddit by 56.3% during the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after purchasing an additional 691 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new position in Reddit in the third quarter valued at about $144,000.

Reddit Stock Performance

Reddit stock opened at $177.41 on Friday. Reddit has a one year low of $37.35 and a one year high of $180.74. The company has a 50-day simple moving average of $133.65 and a 200-day simple moving average of $87.73.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The firm’s revenue was up 67.9% compared to the same quarter last year. On average, research analysts predict that Reddit will post -3.46 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.