Reddit, Inc. (NYSE:RDDT) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Reddit, Inc. (NYSE:RDDT) have earned an average recommendation of “Moderate Buy” from the twenty-two brokerages that are covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $165.71.

RDDT has been the topic of several research reports. Seaport Res Ptn upgraded Reddit to a “hold” rating in a research note on Thursday, February 6th. Loop Capital reiterated a “buy” rating and issued a $210.00 price objective on shares of Reddit in a research report on Tuesday, March 11th. B. Riley lifted their target price on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Morgan Stanley upped their price objective on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Finally, Wells Fargo & Company raised their price objective on Reddit from $206.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday, February 13th.

Insider Activity at Reddit

In other Reddit news, CFO Andrew Vollero sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the transaction, the chief financial officer now owns 499,295 shares in the company, valued at approximately $61,952,523.60. This represents a 16.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 11,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $1,364,880.00. Following the completion of the transaction, the chief technology officer now owns 281,213 shares of the company’s stock, valued at approximately $34,892,909.04. The trade was a 3.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 603,794 shares of company stock worth $90,255,404 over the last quarter.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Plato Investment Management Ltd bought a new position in shares of Reddit during the fourth quarter valued at approximately $27,000. EverSource Wealth Advisors LLC bought a new position in Reddit during the 4th quarter valued at approximately $28,000. Ridgewood Investments LLC increased its position in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. purchased a new position in Reddit during the fourth quarter valued at $33,000. Finally, Bogart Wealth LLC purchased a new stake in shares of Reddit in the fourth quarter worth $33,000.

Reddit Trading Down 2.4 %

NYSE RDDT opened at $107.57 on Monday. The business has a fifty day simple moving average of $165.95 and a 200 day simple moving average of $137.81. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41. The firm has a market capitalization of $19.46 billion and a P/E ratio of -13.92.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. As a group, sell-side analysts predict that Reddit will post 1.12 EPS for the current fiscal 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.