Reddit Inc. (NYSE:RDDT) Receives $221.10 Average Price Target from Brokerages

Shares of Reddit Inc. (NYSE:RDDT) have earned an average rating of “Moderate Buy” from the thirty-one analysts that are currently covering the stock, MarketBeat.com reports. Eleven research analysts have rated the stock with a hold recommendation, eighteen have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $221.10.

RDDT has been the subject of several research reports. JPMorgan Chase & Co. lowered their price target on shares of Reddit from $200.00 to $185.00 and set a “neutral” rating for the company in a research report on Friday, July 31st. Sanford C. Bernstein restated a “market perform” rating and set a $180.00 price target on shares of Reddit in a research note on Friday, July 31st. Oppenheimer cut their price objective on shares of Reddit from $225.00 to $200.00 and set an “outperform” rating on the stock in a report on Friday, July 31st. Robert W. Baird set a $185.00 target price on shares of Reddit in a research report on Friday, July 31st. Finally, Loop Capital reissued a “buy” rating and issued a $260.00 price objective on shares of Reddit in a report on Thursday, June 4th.

Reddit Stock Performance

Reddit stock opened at $146.80 on Monday. Reddit has a fifty-two week low of $119.27 and a fifty-two week high of $282.95. The company has a market capitalization of $28.25 billion, a PE ratio of 34.14, a P/E/G ratio of 0.69 and a beta of 2.02. The company has a 50 day moving average price of $168.67 and a 200-day moving average price of $159.06.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The business had revenue of $804.91 million during the quarter, compared to analysts’ expectations of $731.00 million. During the same period in the prior year, the business earned $0.45 EPS. The business’s revenue for the quarter was up 61.0% compared to the same quarter last year. On average, analysts forecast that Reddit will post 5.27 earnings per share for the current year.

Insider Buying and Selling at Reddit

In related news, CAO Michelle Reynolds sold 808 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total transaction of $161,600.00. Following the sale, the chief accounting officer directly owned 15,060 shares of the company’s stock, valued at $3,012,000. This trade represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $148.02, for a total value of $2,664,360.00. Following the completion of the transaction, the chief executive officer directly owned 336,432 shares of the company’s stock, valued at $49,798,664.64. The trade was a 5.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 210,102 shares of company stock valued at $36,375,252 in the last three months. Company insiders own 28.48% of the company’s stock.

Hedge Funds Weigh In On Reddit

Several large investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company increased its holdings in Reddit by 8.7% in the second quarter. The Manufacturers Life Insurance Company now owns 8,167 shares of the company’s stock valued at $1,418,000 after buying an additional 654 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in Reddit by 23.0% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 2,547 shares of the company’s stock worth $442,000 after purchasing an additional 476 shares during the period. Bienville Capital Management LLC boosted its position in Reddit by 494.4% during the second quarter. Bienville Capital Management LLC now owns 96,020 shares of the company’s stock worth $16,667,000 after purchasing an additional 79,867 shares in the last quarter. Concorde Asset Management LLC acquired a new stake in Reddit in the second quarter valued at approximately $788,000. Finally, NewEdge Advisors LLC grew its holdings in Reddit by 34.6% in the second quarter. NewEdge Advisors LLC now owns 4,922 shares of the company’s stock valued at $854,000 after purchasing an additional 1,265 shares during the period.

Reddit Company Profile

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and discussions. Users can submit posts, links, images and videos, while community members can comment, vote and interact through publicly accessible forums known as subreddits.

The company generates revenue primarily through digital advertising and also offers premium memberships and other paid products. Reddit additionally provides data licensing and developer-related services that support the use of its platform content and technology.

Founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz, Reddit serves users worldwide across a broad range of communities.