Reddit, Inc. (NYSE:RDDT) Receives $159.70 Consensus PT from Analysts

Reddit, Inc. (NYSE:RDDT) has received an average rating of “Moderate Buy” from the twenty-two research firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation, twelve have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $175.45.

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company boosted their price target on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday. Bank of America upped their price target on Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Thursday. Raymond James lifted their price objective on Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a research report on Monday, February 10th. Robert W. Baird upped their target price on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Citigroup lifted their price target on Reddit from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday.

Reddit Trading Down 4.2 %

NYSE:RDDT opened at $196.37 on Friday. The stock has a 50 day moving average of $182.33 and a two-hundred day moving average of $119.28. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. On average, sell-side analysts expect that Reddit will post -3.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $128.13, for a total value of $4,270,957.29. Following the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at approximately $197,635,015.41. This trade represents a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the transaction, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $124,083,012.24. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 245,357 shares of company stock valued at $39,357,388.

Institutional Investors Weigh In On Reddit

Hedge funds have recently bought and sold shares of the stock. Jennison Associates LLC purchased a new stake in shares of Reddit during the fourth quarter worth approximately $494,861,000. Renaissance Capital LLC grew its holdings in Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after acquiring an additional 3,892 shares in the last quarter. ARK Investment Management LLC increased its position in shares of Reddit by 120.5% in the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $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 in the last quarter. Finally, Newbridge Financial Services Group Inc. lifted its position in shares of Reddit by 666.7% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company’s stock worth $376,000 after purchasing an additional 2,000 shares during the last quarter.

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.