Reddit Inc. (NYSE:RDDT) Given Consensus Recommendation of "Moderate Buy" by Analysts

Reddit Inc. (NYSE:RDDT - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the twenty-four ratings firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $141.04.

RDDT has been the subject of several analyst reports. The Goldman Sachs Group raised their target price on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Morgan Stanley decreased their target price on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Citigroup lifted their price objective on shares of Reddit from $158.00 to $163.00 and gave the stock a "buy" rating in a research report on Tuesday, June 24th. Wall Street Zen raised Reddit from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Finally, Oppenheimer initiated coverage on Reddit in a research note on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 price target for the company.

Reddit Price Performance

Shares of RDDT traded up $0.18 during mid-day trading on Wednesday, hitting $146.14. 4,518,971 shares of the company's stock were exchanged, compared to its average volume of 6,670,762. The company has a market cap of $26.97 billion, a PE ratio of 247.70, a P/E/G ratio of 3.94 and a beta of 2.33. Reddit has a 52 week low of $49.13 and a 52 week high of $230.41. The company has a 50-day simple moving average of $122.69 and a 200 day simple moving average of $141.09.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.11. The company had revenue of $392.36 million during the quarter, compared to analysts' expectations of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The business's quarterly revenue was up 61.5% on a year-over-year basis. During the same period last year, the business earned ($8.19) EPS. On average, analysts anticipate that Reddit will post 1.12 earnings per share for the current year.

Insider Activity at Reddit

In other news, COO Jennifer L. Wong sold 33,333 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $124.45, for a total transaction of $4,148,291.85. Following the completion of the sale, the chief operating officer owned 1,428,007 shares of the company's stock, valued at $177,715,471.15. This trade represents a 2.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Monday, June 30th. The shares were sold at an average price of $151.35, for a total transaction of $2,118,900.00. Following the completion of the sale, the chief executive officer directly owned 539,631 shares of the company's stock, valued at approximately $81,673,151.85. The trade was a 2.53% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 617,285 shares of company stock worth $69,599,110. Corporate insiders own 34.25% of the company's stock.

Hedge Funds Weigh In On Reddit

A number of hedge funds have recently bought and sold shares of RDDT. CWM LLC boosted its holdings in Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after acquiring an additional 128 shares during the last quarter. EverSource Wealth Advisors LLC bought a new stake in Reddit in the 4th quarter valued at about $28,000. Stone House Investment Management LLC bought a new stake in Reddit in the 1st quarter valued at about $31,000. Tucker Asset Management LLC bought a new stake in Reddit in the 4th quarter valued at about $39,000. Finally, Geneos Wealth Management Inc. raised its stake in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock valued at $39,000 after acquiring an additional 286 shares during the period.

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.