Reddit, Inc. (NYSE:RDDT) Receives $132.70 Average Price Target from Brokerages

Reddit, Inc. (NYSE:RDDT - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the twenty-one research firms that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, five have given a hold recommendation, fourteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $132.70.

Several equities analysts have weighed in on RDDT shares. JMP Securities raised their target price on shares of Reddit from $118.00 to $160.00 and gave the company a "market outperform" rating in a report on Monday, November 25th. Jefferies Financial Group raised their price objective on shares of Reddit from $120.00 to $175.00 and gave the stock a "buy" rating in a research note on Monday, November 25th. JPMorgan Chase & Co. upped their target price on Reddit from $59.00 to $77.00 and gave the company a "neutral" rating in a research note on Monday, October 7th. Piper Sandler reissued an "overweight" rating and issued a $150.00 price target (up from $115.00) on shares of Reddit in a report on Tuesday, November 19th. Finally, Needham & Company LLC upped their price objective on Reddit from $120.00 to $190.00 and gave the company a "buy" rating in a research report on Wednesday, December 11th.

Reddit Price Performance

Shares of RDDT stock traded up $6.99 during midday trading on Friday, reaching $170.71. 7,691,187 shares of the company traded hands, compared to its average volume of 5,194,706. The firm's 50 day simple moving average is $127.73 and its two-hundred day simple moving average is $85.35. Reddit has a 1-year low of $37.35 and a 1-year high of $180.74.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (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 firm had revenue of $348.40 million during the quarter, compared to analysts' expectations of $313.61 million. The firm's quarterly revenue was up 67.9% on a year-over-year basis. As a group, equities analysts expect that Reddit will post -3.46 EPS for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 18,519 shares of the company's stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total value of $2,704,885.14. Following the completion of the transaction, the insider now owns 138,401 shares in the company, valued at $20,214,850.06. This represents a 11.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Christopher Brian Slowe sold 11,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $65.56, for a total transaction of $721,160.00. Following the completion of the sale, the chief technology officer now directly owns 339,295 shares of the company's stock, valued at $22,244,180.20. This trade represents a 3.14 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 264,357 shares of company stock worth $32,762,690.

Institutional Investors Weigh In On Reddit

A number of hedge funds have recently bought and sold shares of RDDT. ARK Investment Management LLC increased its holdings in shares of Reddit by 120.5% in the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company's stock valued at $23,251,000 after acquiring an additional 192,785 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Reddit by 3,640.5% during the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company's stock worth $16,831,000 after purchasing an additional 248,499 shares during the period. Victory Capital Management Inc. lifted its position in shares of Reddit by 903.8% in the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company's stock worth $33,231,000 after buying an additional 453,894 shares during the last quarter. Mission Creek Capital Partners Inc. acquired a new position in shares of Reddit in the 3rd quarter valued at about $7,490,000. Finally, Quadrature Capital Ltd bought a new stake in shares of Reddit during the 3rd quarter valued at about $3,801,000.

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.