Reddit, Inc. (NYSE:RDDT) Receives Average Recommendation of "Moderate Buy" from Brokerages

Reddit, Inc. (NYSE:RDDT - Get Free Report) has been given an average rating of "Moderate Buy" by the twenty-two research firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $175.45.

RDDT has been the subject of a number of analyst reports. JMP Securities increased their price target on Reddit from $190.00 to $200.00 and gave the company a "market outperform" rating in a research report on Thursday. Wells Fargo & Company increased their price target on Reddit from $206.00 to $215.00 and gave the stock an "overweight" rating in a research note on Thursday. Roth Mkm downgraded Reddit from a "buy" rating to a "neutral" rating and increased their price target for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Roth Capital downgraded Reddit from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, January 22nd. Finally, Bank of America raised their price target on Reddit from $180.00 to $190.00 and gave the company a "neutral" rating in a report on Thursday.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $124,083,012.24. This trade represents a 2.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $128.13, for a total value of $4,270,957.29. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares in the company, valued at approximately $197,635,015.41. This represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 245,357 shares of company stock valued at $39,357,388 in the last ninety days.

Institutional Investors Weigh In On Reddit

Hedge funds have recently made changes to their positions in the company. Plato Investment Management Ltd bought a new stake in shares of Reddit during the fourth quarter valued at approximately $27,000. EverSource Wealth Advisors LLC bought a new stake in shares of Reddit during the fourth quarter valued at approximately $28,000. Ridgewood Investments LLC boosted its position in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after purchasing an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. bought a new stake in shares of Reddit during the fourth quarter valued at approximately $33,000. Finally, Bogart Wealth LLC bought a new stake in shares of Reddit during the fourth quarter valued at approximately $33,000.

Reddit Price Performance

Shares of NYSE:RDDT traded down $8.58 during trading on Friday, reaching $196.37. 8,409,200 shares of the stock were exchanged, compared to its average volume of 4,349,991. Reddit has a 1-year low of $37.35 and a 1-year high of $230.41. The stock has a fifty day moving average of $182.33 and a two-hundred day moving average of $118.85.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Sell-side analysts forecast that Reddit will post -3.45 EPS for the current fiscal year.

Reddit Company Profile

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.