Reddit, Inc. (NYSE:RDDT) Receives $175.95 Consensus PT from Analysts

Reddit, Inc. (NYSE:RDDT) has received a consensus recommendation of “Moderate Buy” from the twenty-two ratings firms that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, nine 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 analysts that have issued ratings on the stock in the last year is $175.95.

A number of analysts recently weighed in on RDDT shares. Roth Mkm lowered shares of Reddit from a “buy” rating to a “neutral” rating and raised their price target for the company from $116.00 to $195.00 in a report on Wednesday, January 22nd. JPMorgan Chase & Co. boosted their target price on Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. JMP Securities upped their price target on Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research note on Thursday, February 13th. Morgan Stanley lifted their price objective on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Finally, Robert W. Baird boosted their price objective on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th.

Insider Activity at Reddit

In related news, CAO Michelle Marie Reynolds sold 11,965 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now directly owns 48,418 shares of the company’s stock, valued at approximately $7,621,477.38. This represents a 19.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Benjamin Seong Lee sold 92,299 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the transaction, the insider now owns 115,001 shares of the company’s stock, valued at approximately $18,095,407.35. This represents a 44.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 393,386 shares of company stock valued at $66,673,388.

Institutional Investors Weigh In On Reddit

Large investors have recently made changes to their positions in the stock. Jennison Associates LLC acquired a new position in Reddit during the fourth quarter worth $494,861,000. Renaissance Capital LLC grew its position in shares of Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after acquiring an additional 3,892 shares during the period. ARK Investment Management LLC increased its stake in shares of Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after purchasing an additional 192,785 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Reddit by 3,640.5% in the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after purchasing an additional 248,499 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Reddit by 27.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after purchasing an additional 139,135 shares during the last quarter.

Reddit Price Performance

NYSE RDDT opened at $105.94 on Thursday. The stock’s 50 day simple moving average is $180.42 and its 200 day simple moving average is $131.86. Reddit has a one year low of $37.35 and a one year high of $230.41. The firm has a market cap of $19.16 billion and a PE ratio of -13.70.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate 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, equities analysts expect that Reddit will post 1.12 earnings per share for the current year.

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.