Reddit Inc. (NYSE:RDDT) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Reddit Inc. (NYSE:RDDT) have been assigned an average recommendation of “Moderate Buy” from the twenty-nine research firms that are presently covering the company, MarketBeat reports. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $242.1923.

A number of equities research analysts recently commented on the company. Robert W. Baird set a $200.00 target price on Reddit in a report on Friday, February 6th. B. Riley Financial increased their price target on shares of Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, February 6th. JPMorgan Chase & Co. reduced their price target on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Jefferies Financial Group decreased their price objective on shares of Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Finally, Wells Fargo & Company set a $196.00 price objective on shares of Reddit in a report on Monday, February 9th.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $232.78, for a total value of $4,190,040.00. Following the sale, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at approximately $104,419,521.28. This represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 19,036 shares of the stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $144.05, for a total value of $2,742,135.80. Following the sale, the chief technology officer directly owned 185,057 shares in the company, valued at $26,657,460.85. This represents a 9.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders acquired 61,000 shares of company stock valued at $8,870,815 and sold 345,578 shares valued at $64,065,863. Company insiders own 34.25% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RDDT. Capital World Investors acquired a new position in Reddit in the fourth quarter valued at approximately $1,293,258,000. Norges Bank acquired a new stake in shares of Reddit during the 2nd quarter worth approximately $294,254,000. Vanguard Group Inc. increased its holdings in shares of Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after purchasing an additional 1,401,293 shares in the last quarter. Amundi increased its holdings in shares of Reddit by 2,060.5% during the 2nd quarter. Amundi now owns 1,307,231 shares of the company’s stock valued at $208,294,000 after purchasing an additional 1,246,725 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Reddit by 419.0% in the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock valued at $342,212,000 after purchasing an additional 1,201,237 shares during the period.

Reddit Price Performance

Shares of RDDT stock opened at $140.18 on Monday. The firm has a market capitalization of $26.78 billion, a price-to-earnings ratio of 53.50, a price-to-earnings-growth ratio of 1.02 and a beta of 2.41. The business has a fifty day moving average of $166.67 and a 200 day moving average of $201.96. Reddit has a 1 year low of $79.75 and a 1 year high of $282.95.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.28. The business had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The company’s quarterly revenue was up 69.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.36 EPS. As a group, equities research analysts expect that Reddit will post 1.12 earnings per share for the current year.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.