Reddit, Inc. (NYSE:RDDT) Given Average Recommendation of "Moderate Buy" by Brokerages

Reddit, Inc. (NYSE:RDDT - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the nineteen research firms that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, six have issued a hold recommendation, eleven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $98.17.

RDDT has been the subject of a number of research analyst reports. Cannonball Research started coverage on Reddit in a report on Tuesday, August 6th. They issued a "buy" rating and a $67.00 price target for the company. Bank of America boosted their target price on shares of Reddit from $84.00 to $99.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. increased their price target on shares of Reddit from $59.00 to $77.00 and gave the company a "neutral" rating in a research note on Monday, October 7th. Raymond James boosted 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. Finally, The Goldman Sachs Group lifted their target price on Reddit from $60.00 to $68.00 and gave the company a "neutral" rating in a research note on Monday, October 14th.

Reddit Trading Down 4.5 %

RDDT stock traded down $6.38 during trading on Tuesday, hitting $135.52. 7,690,539 shares of the stock traded hands, compared to its average volume of 5,043,402. Reddit has a one year low of $37.35 and a one year high of $158.49. The company has a 50 day simple moving average of $95.19 and a 200 day simple moving average of $72.76.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million during the quarter, compared to analysts' expectations of $313.61 million. The business's revenue for the quarter was up 67.9% compared to the same quarter last year. Research analysts forecast that Reddit will post -3.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, CFO Andrew Vollero sold 11,287 shares of the firm's stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total transaction of $722,368.00. Following the completion of the sale, the chief financial officer now owns 840,379 shares of the company's stock, valued at $53,784,256. This trade represents a 1.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the sale, the insider now directly owns 138,401 shares of the company's stock, valued at $20,214,850.06. The trade was a 11.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 298,520 shares of company stock worth $26,771,297 over the last quarter.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company's stock valued at $801,428,000 after acquiring an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. acquired a new position in shares of Reddit during the 3rd quarter worth approximately $474,403,000. Point72 Asset Management L.P. increased its holdings in shares of Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company's stock worth $151,357,000 after purchasing an additional 2,225,895 shares during the period. Holocene Advisors LP raised its position in shares of Reddit by 177.6% in the third 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 in the last quarter. Finally, Vanguard Group Inc. bought a new stake in shares of Reddit in the first quarter valued at approximately $82,167,000.

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.