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

Reddit, Inc. (NYSE:RDDT - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the twenty-three research firms that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation, twelve have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $140.45.

RDDT has been the topic of several recent analyst reports. Sanford C. Bernstein raised shares of Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 target price on the stock in a research note on Friday, May 2nd. Loop Capital reiterated a "buy" rating and set a $210.00 target price on shares of Reddit in a research report on Tuesday, March 11th. Bank of America dropped their price target on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 9th. Needham & Company LLC boosted their price target on shares of Reddit from $135.00 to $145.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Finally, JPMorgan Chase & Co. cut their price target on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th.

Insider Transactions at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 26,000 shares of Reddit stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $98.43, for a total value of $2,559,180.00. Following the sale, the chief technology officer now owns 251,373 shares in the company, valued at $24,742,644.39. The trade was a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andrew Vollero sold 48,122 shares of Reddit stock in a transaction on Monday, February 24th. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the sale, the chief financial officer now owns 599,295 shares in the company, valued at $97,565,226. This represents a 7.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 851,261 shares of company stock worth $105,096,214 in the last quarter.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RDDT. Plato Investment Management Ltd purchased a new stake in Reddit in the fourth quarter valued at approximately $27,000. 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 valued at $27,000 after acquiring an additional 128 shares during the period. EverSource Wealth Advisors LLC purchased a new position in Reddit during the 4th quarter valued at about $28,000. Stone House Investment Management LLC purchased a new position in Reddit during the 1st quarter valued at about $31,000. Finally, Farmers & Merchants Investments Inc. purchased a new position in Reddit during the 4th quarter valued at about $33,000.

Reddit Stock Up 2.8%

Shares of RDDT traded up $2.71 during mid-day trading on Tuesday, reaching $101.03. The company had a trading volume of 6,742,771 shares, compared to its average volume of 6,070,430. Reddit has a 52-week low of $49.13 and a 52-week high of $230.41. The stock has a market capitalization of $18.64 billion, a P/E ratio of -13.07, a PEG ratio of 4.72 and a beta of 2.90. The stock has a 50 day moving average of $107.27 and a two-hundred day moving average of $145.29.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.11. The firm had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The business's quarterly revenue was up 61.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($8.19) EPS. On average, sell-side analysts expect that Reddit will post 1.12 earnings per share for the current 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.