Brokerages Set Reddit, Inc. (NYSE:RDDT) PT at $65.56

Shares of Reddit, Inc. (NYSE:RDDT) have earned an average rating of “Moderate Buy” from the seventeen ratings firms that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, six have given a hold recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $65.56.

RDDT has been the subject of several research reports. Roth Mkm reduced their price objective on Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Piper Sandler raised their price objective on Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. decreased their target price on Reddit from $67.00 to $59.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. JMP Securities reiterated a “market outperform” rating and set a $84.00 price target on shares of Reddit in a report on Tuesday, July 30th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $75.00 price target on shares of Reddit in a report on Thursday, August 8th.

Reddit Stock Performance

Shares of RDDT stock opened at $59.09 on Thursday. Reddit has a 1 year low of $37.35 and a 1 year high of $78.08. The firm’s fifty day moving average price is $60.30.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. The firm’s revenue for the quarter was up 53.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.70) earnings per share. As a group, research analysts expect that Reddit will post -4.17 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Benjamin Seong Lee sold 45,807 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the completion of the transaction, the insider now owns 194,473 shares of the company’s stock, valued at approximately $10,499,597.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Reddit news, CEO Steve Ladd Huffman sold 6,714 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $59.84, for a total value of $401,765.76. Following the completion of the transaction, the chief executive officer now owns 658,352 shares of the company’s stock, valued at approximately $39,395,783.68. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Benjamin Seong Lee sold 45,807 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93. Following the completion of the transaction, the insider now directly owns 194,473 shares of the company’s stock, valued at approximately $10,499,597.27. The disclosure for this sale can be found here. In the last 90 days, insiders sold 204,373 shares of company stock valued at $11,095,284.

Hedge Funds Weigh In On Reddit

Several large investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC bought a new stake in shares of Reddit in the 1st quarter valued at approximately $27,000. BNP Paribas Financial Markets bought a new stake in shares of Reddit in the 1st quarter valued at approximately $37,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Reddit in the 1st quarter valued at approximately $63,000. SOA Wealth Advisors LLC. bought a new stake in shares of Reddit in the 2nd quarter valued at approximately $78,000. Finally, Sandia Investment Management LP bought a new stake in Reddit during the 1st quarter worth approximately $79,000.

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.