Reddit Inc. (NYSE:RDDT) Receives $230.75 Average PT from Analysts

Shares of Reddit Inc. (NYSE:RDDT) have been assigned an average rating of “Moderate Buy” from the thirty ratings firms that are currently covering the company, Marketbeat reports. Twelve equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $230.75.

A number of research firms have weighed in on RDDT. Raymond James Financial set a $180.00 target price on shares of Reddit and gave the company a “market perform” rating in a research note on Friday, May 1st. Citigroup reiterated a “market outperform” rating on shares of Reddit in a research note on Tuesday, May 26th. Truist Financial set a $265.00 target price on shares of Reddit in a research note on Friday, May 1st. DA Davidson reiterated a “buy” rating and issued a $200.00 target price on shares of Reddit in a research note on Friday, May 1st. Finally, Wells Fargo & Company boosted their target price on shares of Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction dated Thursday, April 16th. The shares were sold at an average price of $161.47, for a total value of $6,324,295.49. Following the transaction, the chief operating officer directly owned 1,088,451 shares in the company, valued at $175,752,182.97. The trade was a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $66,636,083.64. This trade represents a 4.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 223,000 shares of company stock worth $36,913,785 over the last three months. 28.48% of the stock is currently owned by insiders.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently modified their holdings of the business. Raiffeisen Bank International AG bought a new stake in shares of Reddit in the third quarter valued at approximately $25,000. GW&K Investment Management LLC bought a new stake in shares of Reddit in the third quarter valued at approximately $30,000. LOM Asset Management Ltd bought a new stake in shares of Reddit in the fourth quarter valued at approximately $33,000. Noble Wealth Management PBC bought a new stake in shares of Reddit in the fourth quarter valued at approximately $34,000. Finally, Sunbelt Securities Inc. raised its position in shares of Reddit by 87.5% in the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after purchasing an additional 91 shares during the period.

Reddit Stock Performance

Reddit stock opened at $173.65 on Wednesday. Reddit has a fifty-two week low of $119.27 and a fifty-two week high of $282.95. The stock has a market cap of $33.43 billion, a PE ratio of 49.61 and a beta of 1.91. The firm’s 50-day simple moving average is $162.94 and its 200 day simple moving average is $172.21.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.39. The business had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm’s revenue for the quarter was up 69.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.13 earnings per share. As a group, analysts predict that Reddit will post 4.83 EPS for the current fiscal 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.