Reddit Inc. (NYSE:RDDT) Receives $236.00 Average Price Target from Analysts

Reddit Inc. (NYSE:RDDT) has earned an average recommendation of “Moderate Buy” from the twenty-nine ratings firms that are covering the firm, Marketbeat Ratings 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 12 month target price among brokers that have issued a report on the stock in the last year is $242.1923.

Several brokerages have recently weighed in on RDDT. Truist Financial boosted their target price on Reddit from $270.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Roth Mkm increased their price target on Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a report on Friday, January 30th. The Goldman Sachs Group reduced their price objective on Reddit from $236.00 to $206.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. Needham & Company LLC reissued a “buy” rating and set a $300.00 price objective on shares of Reddit in a research note on Friday, February 6th. Finally, Wall Street Zen upgraded Reddit from a “hold” rating to a “buy” rating in a report on Sunday.

Reddit Stock Down 1.3%

Shares of NYSE RDDT opened at $142.51 on Monday. The firm has a 50-day simple moving average of $171.08 and a 200-day simple moving average of $203.27. The stock has a market capitalization of $27.22 billion, a price-to-earnings ratio of 54.39, a price-to-earnings-growth ratio of 1.05 and a beta of 2.40. Reddit has a 52 week low of $79.75 and a 52 week 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, topping analysts’ consensus estimates of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. During the same period in the previous year, the business posted $0.36 earnings per share. Reddit’s quarterly revenue was up 69.7% on a year-over-year basis. As a group, equities research analysts expect that Reddit will post 1.12 EPS for the current year.

Insider Activity

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $234.37, for a total transaction of $9,179,569.79. Following the transaction, the chief operating officer directly owned 1,184,528 shares of the company’s stock, valued at $277,617,827.36. The trade was a 3.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Benjamin Seong Lee sold 27,930 shares of the business’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $260.08, for a total transaction of $7,264,034.40. Following the completion of the transaction, the insider owned 62,608 shares in the company, valued at $16,283,088.64. The trade was a 30.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have acquired 61,000 shares of company stock worth $8,870,815 and have sold 359,580 shares worth $70,898,143. 34.25% of the stock is owned by insiders.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently made changes to their positions in the company. Raiffeisen Bank International AG acquired a new position in Reddit in the third quarter valued at approximately $25,000. GW&K Investment Management LLC purchased a new stake in Reddit in the third quarter valued at $30,000. Cornerstone Planning Group LLC lifted its stake in shares of Reddit by 13,500.0% in the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the last quarter. LOM Asset Management Ltd acquired a new position in shares of Reddit in the 4th quarter valued at $33,000. Finally, Noble Wealth Management PBC purchased a new position in shares of Reddit during the 4th quarter worth $34,000.

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.