Reddit, Inc. (NYSE:RDDT) Receives $165.71 Average PT from Analysts

Shares of Reddit, Inc. (NYSE:RDDT - Get Free Report) have received an average rating of "Moderate Buy" from the twenty-two analysts that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation, twelve have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $163.00.

A number of analysts recently commented on RDDT shares. Guggenheim lowered their price objective on shares of Reddit from $210.00 to $170.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. Citigroup restated an "outperform" rating on shares of Reddit in a report on Friday, March 28th. B. Riley boosted their price objective on Reddit from $112.00 to $187.00 and gave the company a "buy" rating in a research report on Tuesday, January 14th. Roth Mkm downgraded shares of Reddit from a "buy" rating to a "neutral" rating and raised their target price for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. Finally, Robert W. Baird lifted their price target on shares of Reddit from $160.00 to $185.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th.

Reddit Stock Down 11.6 %

NYSE RDDT traded down $12.72 on Monday, reaching $96.78. The company had a trading volume of 11,828,236 shares, compared to its average volume of 5,331,705. Reddit has a 52 week low of $37.35 and a 52 week high of $230.41. The stock has a market cap of $17.51 billion and a price-to-earnings ratio of -12.52. The stock's 50 day moving average is $159.78 and its 200-day moving average is $138.00.

Remove Ads

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. As a group, analysts forecast that Reddit will post 1.12 EPS for the current year.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 124,408 shares of the company's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $127.36, for a total value of $15,844,602.88. Following the sale, the chief executive officer now directly owns 583,515 shares of the company's stock, valued at approximately $74,316,470.40. This represents a 17.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $173.93, for a total value of $5,797,782.62. Following the transaction, the chief operating officer now owns 1,504,297 shares of the company's stock, valued at $261,642,377.21. The trade was a 2.17 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 603,794 shares of company stock valued at $89,386,704.

Institutional Investors Weigh In On Reddit

Large investors have recently added to or reduced their stakes in the business. Plato Investment Management Ltd bought a new position in Reddit in the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit during the 4th quarter worth approximately $28,000. Ridgewood Investments LLC increased its stake in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after acquiring an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. acquired a new position in Reddit during the fourth quarter valued at approximately $33,000. Finally, Bogart Wealth LLC bought a new stake in Reddit during the fourth quarter worth $33,000.

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.