Reddit, Inc. (NYSE:RDDT) Receives $89.72 Consensus Target Price from Brokerages

Shares of Reddit, Inc. (NYSE:RDDT - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the nineteen analysts that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $89.72.

A number of analysts have weighed in on the company. Roth Mkm increased their price target on Reddit from $89.00 to $116.00 and gave the stock a "buy" rating in a report on Wednesday. Needham & Company LLC increased their price target on Reddit from $85.00 to $120.00 and gave the stock a "buy" rating in a report on Wednesday. Citigroup increased their price target on Reddit from $70.00 to $120.00 and gave the stock a "buy" rating in a report on Wednesday. Raymond James increased their price target on Reddit from $70.00 to $80.00 and gave the stock a "strong-buy" rating in a report on Thursday, October 10th. Finally, Cannonball Research assumed coverage on shares of Reddit in a research report on Tuesday, August 6th. They set a "buy" rating and a $67.00 price objective on the stock.

Reddit Trading Down 5.3 %

RDDT stock traded down $6.31 during mid-day trading on Friday, hitting $112.99. 12,012,286 shares of the company were exchanged, compared to its average volume of 4,799,688. The business has a 50 day simple moving average of $69.05 and a 200-day simple moving average of $61.61. Reddit has a 1-year low of $37.35 and a 1-year high of $123.60.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The firm's revenue was up 67.9% compared to the same quarter last year. As a group, analysts predict that Reddit will post -4.05 earnings per share for the current year.

Insider Transactions at Reddit

In other Reddit news, COO Jennifer L. Wong sold 50,000 shares of the business's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total value of $3,250,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares of the company's stock, valued at $100,275,129.57. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Reddit news, COO Jennifer L. Wong sold 50,000 shares of the business's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total value of $3,250,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares of the company's stock, valued at $100,275,129.57. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total transaction of $755,720.00. Following the completion of the sale, the chief executive officer now directly owns 672,352 shares of the company's stock, valued at $36,293,560.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 390,327 shares of company stock valued at $23,503,224.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale purchased a new stake in shares of Reddit in the first quarter worth $7,363,000. Commonwealth Equity Services LLC bought a new position in Reddit during the first quarter valued at $1,111,000. VY Capital Management Co. Ltd. bought a new position in Reddit during the third quarter valued at $474,403,000. Claro Advisors LLC bought a new stake in shares of Reddit in the 3rd quarter worth about $2,557,000. Finally, BNP Paribas Financial Markets bought a new stake in shares of Reddit in the 1st quarter worth about $37,000.

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.