Brokerages Set Reddit, Inc. (NYSE:RDDT) PT at $132.70

Reddit, Inc. (NYSE:RDDT) has been given a consensus rating of “Moderate Buy” by the twenty-one analysts that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $132.70.

Several analysts have recently issued reports on RDDT shares. Robert W. Baird upped their price target on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Raymond James upped their target price on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 10th. Wells Fargo & Company began coverage on shares of Reddit in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price target on the stock. Sanford C. Bernstein upped their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Finally, Jefferies Financial Group lifted their target price on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $75.43, for a total transaction of $1,056,020.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares in the company, valued at $49,163,388.25. This trade represents a 2.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary Porter Gale sold 5,000 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.40, for a total value of $572,000.00. Following the completion of the sale, the director now directly owns 46,459 shares in the company, valued at approximately $5,314,909.60. This represents a 9.72 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 253,357 shares of company stock worth $32,041,530.

Institutional Investors Weigh In On Reddit

A number of hedge funds have recently made changes to their positions in RDDT. Whittier Trust Co. acquired a new position in Reddit in the third quarter valued at about $42,000. Daiwa Securities Group Inc. acquired a new stake in shares of Reddit during the third quarter worth approximately $85,000. UMB Bank n.a. bought a new position in shares of Reddit in the second quarter valued at approximately $88,000. SOA Wealth Advisors LLC. boosted its holdings 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 worth $126,000 after acquiring an additional 691 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in Reddit during the 3rd quarter worth approximately $144,000.

Reddit Trading Up 5.2 %

NYSE RDDT opened at $177.41 on Friday. Reddit has a 12-month low of $37.35 and a 12-month high of $180.74. The company has a 50 day moving average price of $133.65 and a two-hundred day moving average price of $87.73.

Reddit (NYSE:RDDT) last released its quarterly earnings data 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. The business had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business’s revenue was up 67.9% on a year-over-year basis. As a group, analysts anticipate that Reddit will post -3.46 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.