Reddit, Inc. (NYSE:RDDT) Given Average Rating of "Moderate Buy" by Analysts

Shares of Reddit, Inc. (NYSE:RDDT - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the twenty-two brokerages that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $162.20.

RDDT has been the subject of a number of research reports. The Goldman Sachs Group raised their target price on shares of Reddit from $105.00 to $176.00 and gave the stock a "neutral" rating in a research note on Tuesday, January 14th. Roth Capital downgraded shares of Reddit from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, January 22nd. Robert W. Baird upped their target price on Reddit from $100.00 to $160.00 and gave the company a "neutral" rating in a research report on Wednesday, December 11th. Citigroup increased their target price on Reddit from $120.00 to $200.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. Finally, Bank of America boosted their price target on Reddit from $99.00 to $180.00 and gave the company a "neutral" rating in a research note on Wednesday, January 8th.

Reddit Stock Performance

Shares of RDDT traded up $3.20 during mid-day trading on Friday, reaching $216.96. The company's stock had a trading volume of 10,645,933 shares, compared to its average volume of 5,015,858. Reddit has a 1-year low of $37.35 and a 1-year high of $230.41. The business has a 50-day simple moving average of $179.35 and a two-hundred day simple moving average of $116.59.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating 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%. On average, equities research analysts expect that Reddit will post -3.45 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other news, COO Jennifer L. Wong sold 33,333 shares of the company's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the completion of the transaction, the chief operating officer now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction on Friday, November 15th. The shares were sold at an average price of $125.98, for a total value of $1,763,720.00. Following the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $82,110,614.50. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 259,357 shares of company stock worth $41,121,108 over the last three months.

Hedge Funds Weigh In On Reddit

Hedge funds have recently modified their holdings of the business. FMR LLC boosted its holdings in Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company's stock valued at $801,428,000 after acquiring an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. bought a new stake in shares of Reddit in the 3rd quarter valued at $474,403,000. Vanguard Group Inc. increased its position in shares of Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after buying an additional 5,950,909 shares during the period. Jennison Associates LLC bought a new position in Reddit during the fourth quarter worth $494,861,000. Finally, Alliancebernstein L.P. raised its stake in Reddit by 1,011.1% during the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after buying an additional 2,537,768 shares during the last quarter.

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.