Reddit Inc. (NYSE:RDDT) Receives Consensus Rating of "Moderate Buy" from Brokerages

Shares of Reddit Inc. (NYSE:RDDT - Get Free Report) have been given an average recommendation of "Moderate Buy" by the twenty-four research firms that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, nine have issued a hold recommendation, twelve have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $141.04.

RDDT has been the subject of a number of research reports. Guggenheim restated a "buy" rating and set a $165.00 target price on shares of Reddit in a research note on Tuesday, June 24th. Wall Street Zen raised Reddit from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. Robert W. Baird increased their target price on Reddit from $120.00 to $151.00 and gave the stock a "neutral" rating in a research note on Tuesday. Royal Bank Of Canada set a $125.00 price target on Reddit and gave the company a "sector perform" rating in a research note on Wednesday, June 25th. Finally, B. Riley reiterated a "buy" rating and set a $220.00 price objective (down previously from $222.00) on shares of Reddit in a research report on Friday, May 2nd.

Insider Transactions at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of the company's stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total value of $3,133,062.66. Following the completion of the transaction, the chief operating officer owned 1,466,119 shares of the company's stock, valued at $137,800,524.81. This represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 124,409 shares of the company'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 $15,482,700.05. Following the completion of the transaction, the chief executive officer owned 546,133 shares of the company's stock, valued at approximately $67,966,251.85. This trade represents a 18.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 617,285 shares of company stock valued at $69,599,110 over the last quarter. 34.25% of the stock is currently owned by insiders.

Institutional Trading of Reddit

Institutional investors have recently modified their holdings of the business. Signaturefd LLC grew its position in shares of Reddit by 3.5% in the 1st quarter. Signaturefd LLC now owns 2,859 shares of the company's stock valued at $300,000 after buying an additional 97 shares during the last quarter. Proficio Capital Partners LLC increased its position in Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock valued at $966,000 after purchasing an additional 120 shares during the period. CWM LLC raised its stake in Reddit by 100.0% during the first quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after buying an additional 128 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after buying an additional 147 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Reddit by 12.5% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,323 shares of the company's stock valued at $139,000 after acquiring an additional 147 shares during the last quarter.

Reddit Trading Down 2.0%

Shares of Reddit stock traded down $2.93 during trading on Wednesday, hitting $142.72. 3,930,992 shares of the stock were exchanged, compared to its average volume of 6,693,385. The company has a fifty day moving average price of $123.28 and a 200-day moving average price of $141.12. The stock has a market capitalization of $26.33 billion, a price-to-earnings ratio of 241.90, a price-to-earnings-growth ratio of 3.74 and a beta of 2.33. Reddit has a 1-year low of $49.13 and a 1-year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The business's revenue for the quarter was up 61.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($8.19) earnings per share. Equities research analysts forecast that Reddit will post 1.12 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.