Reddit, Inc. (NYSE:RDDT) Receives $148.25 Average PT from Analysts

Reddit, Inc. (NYSE:RDDT - Get Free Report) has been given an average rating of "Moderate Buy" by the twenty-one research firms that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $148.25.

Several analysts have recently weighed in on the stock. JMP Securities lifted their price objective on shares of Reddit from $118.00 to $160.00 and gave the company a "market outperform" rating in a research note on Monday, November 25th. Piper Sandler lifted their price target on shares of Reddit from $150.00 to $197.00 and gave the company an "overweight" rating in a research note on Tuesday. Raymond James increased their price objective on shares of Reddit from $70.00 to $80.00 and gave the stock a "strong-buy" rating in a research report on Thursday, October 10th. Guggenheim began coverage on Reddit in a research note on Friday, December 20th. They set a "buy" rating and a $210.00 price target on the stock. Finally, Bank of America increased their price target on Reddit from $99.00 to $180.00 and gave the stock a "neutral" rating in a report on Wednesday, January 8th.

Insider Buying and Selling at Reddit

In other news, COO Jennifer L. Wong sold 33,333 shares of the firm's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares of the company's stock, valued at $197,635,015.41. This trade represents a 2.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of the business's stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the transaction, the chief technology officer now directly owns 30,068 shares in the company, valued at $2,329,668.64. This trade represents a 14.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 217,023 shares of company stock worth $31,699,295.

Institutional Investors Weigh In On Reddit

Several large investors have recently modified their holdings of RDDT. FMR LLC grew its holdings in Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company's stock valued at $801,428,000 after purchasing an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. bought a new stake in shares of Reddit in the third quarter valued at $474,403,000. Holocene Advisors LP lifted its position in shares of Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock valued at $198,154,000 after buying an additional 1,923,109 shares during the last quarter. Point72 Asset Management L.P. grew its stake in shares of Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company's stock worth $151,357,000 after acquiring an additional 2,225,895 shares during the period. Finally, Lord Abbett & CO. LLC grew its stake in shares of Reddit by 1,519.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company's stock worth $108,792,000 after acquiring an additional 1,548,450 shares during the period.

Reddit Stock Performance

Reddit stock traded up $5.64 during trading hours on Wednesday, reaching $170.46. 5,099,170 shares of the company's stock were exchanged, compared to its average volume of 5,079,301. The firm's 50 day simple moving average is $155.39 and its 200 day simple moving average is $98.65. Reddit has a twelve month low of $37.35 and a twelve month high of $187.69.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business had revenue of $348.40 million during the quarter, compared to analysts' expectations of $313.61 million. The business's quarterly revenue was up 67.9% compared to the same quarter last year. As a group, analysts anticipate that Reddit will post -3.46 EPS 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.