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

Reddit, Inc. (NYSE:RDDT - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the twenty-four ratings firms that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $142.22.

A number of brokerages recently issued reports on RDDT. Bank of America cut their price objective on Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research report on Wednesday, April 9th. JMP Securities set a $155.00 price target on shares of Reddit in a research report on Friday, March 28th. Morgan Stanley reduced their price target on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Loop Capital reaffirmed a "buy" rating and set a $210.00 price objective on shares of Reddit in a research report on Tuesday, March 11th. Finally, Guggenheim cut their target price on Reddit from $210.00 to $170.00 and set a "buy" rating on the stock in a research report on Thursday, March 20th.

Reddit Price Performance

Shares of NYSE:RDDT traded up $3.06 during midday trading on Friday, hitting $121.16. The company had a trading volume of 8,879,364 shares, compared to its average volume of 5,617,803. The business's 50-day simple moving average is $122.11 and its 200-day simple moving average is $142.64. The stock has a market cap of $21.92 billion and a price-to-earnings ratio of -15.67. Reddit has a twelve month low of $44.15 and a twelve month high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) 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, sell-side analysts forecast that Reddit will post 1.12 EPS for the current year.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 5,068 shares of the firm's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $111.28, for a total transaction of $563,967.04. Following the transaction, the chief technology officer now owns 20,184 shares of the company's stock, valued at approximately $2,246,075.52. This trade represents a 20.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Andrew Vollero sold 48,122 shares of Reddit stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the sale, the chief financial officer now owns 599,295 shares in the company, valued at $97,565,226. This trade represents a 7.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 725,270 shares of company stock valued at $97,067,425 in the last ninety days.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RDDT. Ridgewood Investments LLC grew its position in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after acquiring an additional 100 shares during the last quarter. Proficio Capital Partners LLC increased its stake in Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock valued at $966,000 after purchasing an additional 120 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after buying an additional 147 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock worth $251,000 after buying an additional 150 shares during the last quarter. Finally, Foundations Investment Advisors LLC increased its position in Reddit by 3.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock valued at $870,000 after acquiring an additional 155 shares during the period.

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.