Reddit, Inc. (NYSE:RDDT) Receives $89.72 Consensus Price Target from Brokerages

Reddit, Inc. (NYSE:RDDT) has earned a consensus rating of “Moderate Buy” from the nineteen ratings firms that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, six have given a hold recommendation, eleven 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 updated their coverage on the stock in the last year is $89.72.

Several research firms have recently weighed in on RDDT. Citigroup lifted their target price on Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Jefferies Financial Group lifted their target price on Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Bank of America lifted their target price on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group boosted their price target on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Finally, Sanford C. Bernstein boosted their price target on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th.

Insider Buying and Selling

In related news, Director Mary Porter Gale sold 5,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $114.40, for a total transaction of $572,000.00. Following the transaction, the director now owns 46,459 shares of the company’s stock, valued at approximately $5,314,909.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Reddit news, Director Mary Porter Gale sold 5,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $114.40, for a total value of $572,000.00. Following the sale, the director now owns 46,459 shares of the company’s stock, valued at $5,314,909.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $1,799,648.67. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $83,277,253.43. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 394,327 shares of company stock valued at $24,868,094.

Institutional Investors Weigh In On Reddit

Several hedge funds and other institutional investors have recently made changes to their positions in RDDT. VY Capital Management Co. Ltd. purchased a new position in Reddit during the 3rd quarter worth approximately $474,403,000. Inclusive Capital Partners L.P. acquired a new stake in shares of Reddit in the 1st quarter valued at approximately $103,051,000. Vanguard Group Inc. acquired a new stake in shares of Reddit in the 1st quarter valued at approximately $82,167,000. Bank of New York Mellon Corp raised its holdings in Reddit by 10.1% during the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after purchasing an additional 153,282 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after purchasing an additional 457,588 shares during the last quarter.

Reddit Stock Performance

Shares of RDDT stock opened at $131.47 on Friday. The company’s fifty day moving average price is $73.72 and its 200-day moving average price is $63.88. Reddit has a 12 month low of $37.35 and a 12 month high of $133.25.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The company’s revenue was up 67.9% compared to the same quarter last year. As a group, research analysts expect that Reddit will post -3.63 earnings per share for the current year.

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.