Analysts Set Reddit Inc. (NYSE:RDDT) PT at $238.78

Shares of Reddit Inc. (NYSE:RDDT) have been assigned a consensus recommendation of “Moderate Buy” from the thirty ratings firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $238.7778.

RDDT has been the subject of several research reports. Sanford C. Bernstein increased their price objective on Reddit from $190.00 to $210.00 and gave the company a “market perform” rating in a report on Friday, October 31st. Oppenheimer dropped their price target on Reddit from $300.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, February 6th. B. Riley Financial lifted their price objective on Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Weiss Ratings restated a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 29th. Finally, Citigroup increased their target price on shares of Reddit from $250.00 to $265.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd.

Reddit Price Performance

Shares of Reddit stock opened at $150.18 on Thursday. The firm has a market cap of $28.69 billion, a PE ratio of 57.32, a P/E/G ratio of 1.12 and a beta of 2.17. Reddit has a 1 year low of $79.75 and a 1 year high of $282.95. The stock has a fifty day moving average price of $203.85 and a 200-day moving average price of $213.63.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. During the same period in the previous year, the company earned $0.36 earnings per share. The company’s quarterly revenue was up 69.7% on a year-over-year basis. As a group, equities analysts anticipate that Reddit will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $215.19, for a total value of $3,873,420.00. Following the completion of the transaction, the chief executive officer directly owned 448,576 shares in the company, valued at approximately $96,529,069.44. The trade was a 3.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Christopher Brian Slowe sold 24,000 shares of the stock in a transaction on Monday, November 24th. The stock was sold at an average price of $192.72, for a total value of $4,625,280.00. Following the sale, the chief technology officer owned 175,694 shares in the company, valued at approximately $33,859,747.68. This represents a 12.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 520,975 shares of company stock worth $112,083,885 in the last 90 days. 34.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Raiffeisen Bank International AG purchased a new stake in shares of Reddit in the third quarter worth about $25,000. GW&K Investment Management LLC bought a new stake in Reddit during the 3rd quarter worth approximately $30,000. Cornerstone Planning Group LLC increased its holdings in Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after acquiring an additional 135 shares during the period. LOM Asset Management Ltd purchased a new stake in Reddit in the 4th quarter worth approximately $33,000. Finally, Noble Wealth Management PBC bought a new position in Reddit in the 4th quarter valued at $34,000.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.