Reddit Inc. (NYSE:RDDT) Receives $231.79 Consensus PT from Brokerages

by · The Markets Daily

Reddit Inc. (NYSE:RDDT – Get Free Report) has received a consensus rating of “Moderate Buy” from the thirty-one analysts that are covering the stock, MarketBeat Ratings reports. Twelve research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $232.4828.

RDDT has been the topic of several recent analyst reports. Loop Capital reissued a “buy” rating and issued a $260.00 price target on shares of Reddit in a research note on Thursday, June 4th. Wells Fargo & Company lifted their price objective on shares of Reddit from $176.00 to $187.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. Bank of America decreased their target price on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a research report on Thursday, April 2nd. Rothschild & Co Redburn set a $110.00 target price on shares of Reddit in a report on Monday, April 27th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $225.00 price target on shares of Reddit in a research report on Friday, May 1st.

Check Out Our Latest Stock Analysis on Reddit

Reddit Trading Up 2.4%

RDDT stock opened at $185.93 on Friday. The firm has a market cap of $35.79 billion, a PE ratio of 53.12 and a beta of 1.93. The stock has a 50-day moving average price of $173.90 and a 200-day moving average price of $168.62. Reddit has a 1-year low of $119.27 and a 1-year high of $282.95.

Reddit (NYSE:RDDT – Get Free Report) last announced its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. During the same quarter in the prior year, the company earned $0.13 EPS. The firm’s revenue for the quarter was up 69.1% compared to the same quarter last year. On average, analysts forecast that Reddit will post 4.85 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $173.13, for a total value of $3,116,340.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at $64,718,417.82. This represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,166 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total value of $6,930,032.04. Following the completion of the transaction, the chief operating officer owned 1,050,339 shares in the company, valued at $185,846,982.66. This represents a 3.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 169,141 shares of company stock valued at $28,680,845. Corporate insiders own 28.48% of the company’s stock.

Institutional Investors Weigh In On Reddit

A number of institutional investors and hedge funds have recently bought and sold shares of RDDT. LOM Asset Management Ltd purchased a new position in Reddit during the 4th quarter worth $33,000. Noble Wealth Management PBC bought a new position in shares of Reddit during the fourth quarter valued at about $34,000. Sunbelt Securities Inc. boosted its holdings in Reddit by 87.5% during the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock worth $26,000 after purchasing an additional 91 shares during the last quarter. Beacon Investment Advisory Services Inc. bought a new stake in Reddit in the 2nd quarter worth about $35,000. Finally, Summit Securities Group LLC bought a new stake in Reddit in the 4th quarter worth about $46,000.

Reddit Company Profile

(Get Free Report)

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.

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