Reddit, Inc. (NYSE:RDDT) Receives Average Recommendation of “Moderate Buy” from Analysts

Reddit, Inc. (NYSE:RDDT) has earned a consensus recommendation of “Moderate Buy” from the nineteen analysts that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $69.56.

A number of equities analysts recently weighed in on RDDT shares. Loop Capital upgraded shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research report on Thursday, August 1st. Roth Mkm lowered their price objective on Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Jefferies Financial Group assumed coverage on Reddit in a research note on Wednesday, October 9th. They issued a “buy” rating and a $90.00 price target on the stock. JMP Securities reiterated a “market outperform” rating and set a $84.00 price target on shares of Reddit in a research note on Tuesday, July 30th. Finally, Cannonball Research initiated coverage on Reddit in a report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective for the company.

Reddit Trading Up 4.8 %

RDDT stock opened at $73.25 on Monday. Reddit has a 52 week low of $37.35 and a 52 week high of $78.08. The firm has a 50 day moving average of $60.86 and a 200 day moving average of $58.12.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. The business’s quarterly revenue was up 53.6% on a year-over-year basis. During the same period last year, the company posted ($0.70) earnings per share. As a group, analysts predict that Reddit will post -4.11 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the completion of the transaction, the chief executive officer now directly owns 672,352 shares of the company’s stock, valued at $36,293,560.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Mary Porter Gale sold 15,000 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $52.73, for a total value of $790,950.00. Following the completion of the sale, the director now directly owns 101,459 shares of the company’s stock, valued at $5,349,933.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total value of $755,720.00. Following the transaction, the chief executive officer now directly owns 672,352 shares in the company, valued at approximately $36,293,560.96. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 337,993 shares of company stock valued at $19,517,419 in the last quarter.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets acquired a new position in shares of Reddit during the first quarter worth approximately $37,000. ANTIPODES PARTNERS Ltd acquired a new position in Reddit during the 1st quarter worth $63,000. SOA Wealth Advisors LLC. bought a new position in shares of Reddit in the second quarter worth $78,000. Sandia Investment Management LP acquired a new position in shares of Reddit during the first quarter valued at $79,000. Finally, UMB Bank n.a. bought a new stake in shares of Reddit during the second quarter valued at about $88,000.

About Reddit

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.