Analysts Set Reddit, Inc. (NYSE:RDDT) PT at $148.25

Reddit, Inc. (NYSE:RDDT) has been given an average rating of “Moderate Buy” by the twenty-one research firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $154.25.

RDDT has been the topic of a number of research reports. B. Riley boosted their target price on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Wells Fargo & Company started coverage on Reddit in a research report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective for the company. Morgan Stanley upgraded shares of Reddit from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $70.00 to $200.00 in a report on Monday, December 9th. Raymond James upped their price target on shares of Reddit from $150.00 to $200.00 and gave the company a “strong-buy” rating in a research report on Tuesday. Finally, The Goldman Sachs Group boosted their target price on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th.

Reddit Stock Performance

RDDT opened at $188.74 on Wednesday. The business has a 50 day moving average price of $158.98 and a two-hundred day moving average price of $101.53. Reddit has a 1-year low of $37.35 and a 1-year high of $191.00.

Reddit (NYSE:RDDT) last announced its earnings results 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. The business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. Sell-side analysts anticipate that Reddit will post -3.48 EPS for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total transaction of $2,419,060.00. Following the transaction, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $106,161,139.26. This represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $173.93, for a total value of $5,797,782.62. Following the completion of the sale, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at $261,642,377.21. This represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 259,357 shares of company stock worth $39,528,738 over the last ninety days.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RDDT. Ridgewood Investments LLC boosted its position in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the period. UMB Bank n.a. lifted its stake in shares of Reddit by 10.8% in the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after buying an additional 150 shares during the last quarter. StoneCrest Wealth Management Inc. boosted its holdings in shares of Reddit by 2.6% during the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after buying an additional 176 shares during the period. AdvisorNet Financial Inc grew its stake in Reddit by 41.9% in the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after buying an additional 201 shares during the last quarter. Finally, Whittier Trust Co. bought a new position in Reddit in the 3rd quarter worth $42,000.

Reddit Company Profile

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.