Analysts Set Reddit, Inc. (NYSE:RDDT) PT at $98.17

Reddit, Inc. (NYSE:RDDT) has received an average rating of “Moderate Buy” from the nineteen analysts that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $98.17.

A number of equities analysts have recently weighed in on the stock. The Goldman Sachs Group lifted their price target on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. B. Riley reiterated a “buy” rating and set a $112.00 target price (up from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Roth Mkm increased their price target on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Raymond James raised their price target on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 10th. Finally, Needham & Company LLC increased their target price on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th.

Reddit Stock Performance

NYSE:RDDT opened at $140.04 on Tuesday. Reddit has a 12 month low of $37.35 and a 12 month high of $158.49. The company’s 50-day moving average price is $98.23 and its two-hundred day moving average price is $73.70.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The business’s revenue for the quarter was up 67.9% on a year-over-year basis. As a group, analysts forecast that Reddit will post -3.63 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction on Monday, September 16th. The shares were sold at an average price of $59.18, for a total value of $1,972,646.94. Following the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at $91,282,605.26. This trade represents a 2.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $59.19, for a total value of $828,660.00. Following the completion of the sale, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at approximately $38,578,562.25. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 311,644 shares of company stock worth $29,210,730.

Hedge Funds Weigh In On Reddit

Several hedge funds and other institutional investors have recently modified their holdings of RDDT. StoneCrest Wealth Management Inc. grew its stake in shares of Reddit by 2.6% in the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after buying an additional 176 shares during the last quarter. Whittier Trust Co. purchased a new stake in shares of Reddit in the third quarter worth $42,000. SOA Wealth Advisors LLC. grew its stake in shares of Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after acquiring an additional 691 shares during the last quarter. BNP Paribas Financial Markets bought a new position in shares of Reddit during the first quarter valued at $37,000. Finally, MML Investors Services LLC raised its position in shares of Reddit by 12.0% in the 3rd quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock worth $467,000 after purchasing an additional 757 shares during the last quarter.

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.