Reddit, Inc. (NYSE:RDDT) Receives $148.25 Consensus Target Price from Brokerages

Reddit, Inc. (NYSE:RDDT) has been assigned an average rating of “Moderate Buy” from the twenty-one brokerages that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation, fourteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $148.25.

Several brokerages have commented on RDDT. Needham & Company LLC lifted their target price on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Citigroup lifted their price objective on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. The Goldman Sachs Group increased their target price on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Morgan Stanley upgraded shares of Reddit from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $70.00 to $200.00 in a research report on Monday, December 9th. Finally, Piper Sandler increased their price objective on shares of Reddit from $150.00 to $197.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 14th.

Insider Buying and Selling

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the sale, the chief technology officer now owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. This represents a 14.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction on Monday, December 16th. The stock was sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares in the company, valued at approximately $265,102,260.31. The trade was a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 231,023 shares of company stock worth $34,118,355 in the last 90 days.

Hedge Funds Weigh In On Reddit

Hedge funds and other institutional investors have recently modified their holdings of the company. Ridgewood Investments LLC raised its stake in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares in the last quarter. Whittier Trust Co. bought a new position in shares of Reddit in the 3rd quarter worth approximately $42,000. Daiwa Securities Group Inc. bought a new position in shares of Reddit in the 3rd quarter worth approximately $85,000. AdvisorNet Financial Inc raised its position in shares of Reddit by 41.9% in the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock worth $111,000 after acquiring an additional 201 shares in the last quarter. Finally, SOA Wealth Advisors LLC. lifted its stake in shares of Reddit by 56.3% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after purchasing an additional 691 shares during the period.

Reddit Stock Up 0.4 %

Reddit stock opened at $175.57 on Wednesday. The business has a 50 day moving average of $158.06 and a 200-day moving average of $100.62. Reddit has a 1 year low of $37.35 and a 1 year high of $187.69.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (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 the consensus estimate of $313.61 million. The business’s revenue was up 67.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Reddit will post -3.46 EPS 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.