Analysts Set Reddit, Inc. (NYSE:RDDT) Target Price at $165.71

Shares of Reddit, Inc. (NYSE:RDDT) have received a consensus recommendation of “Moderate Buy” from the twenty-two analysts that are currently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation, twelve have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $163.00.

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. raised their price objective on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. The Goldman Sachs Group raised their price target on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Raymond James dropped their price target on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a research note on Wednesday, March 12th. Robert W. Baird increased their price objective on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Finally, Redburn Partners set a $75.00 target price on shares of Reddit in a research report on Monday, March 17th.

Reddit Trading Down 0.7 %

NYSE RDDT opened at $109.33 on Monday. The company’s fifty day simple moving average is $161.47 and its 200-day simple moving average is $138.29. The stock has a market cap of $19.78 billion and a P/E ratio of -14.14. Reddit has a 52 week low of $37.35 and a 52 week high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, research analysts expect that Reddit will post 1.12 EPS for the current fiscal year.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total transaction of $2,419,060.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $106,161,139.26. The trade was a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Andrew Vollero sold 48,122 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the transaction, the chief financial officer now directly owns 599,295 shares of the company’s stock, valued at $97,565,226. This trade represents a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 603,794 shares of company stock valued at $89,386,704.

Institutional Investors Weigh In On Reddit

A number of hedge funds and other institutional investors have recently modified their holdings of RDDT. Vanguard Group Inc. grew its position in Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after buying an additional 5,950,909 shares in the last quarter. Jennison Associates LLC bought a new position in shares of Reddit in the fourth quarter valued at approximately $494,861,000. Alliancebernstein L.P. increased its stake in shares of Reddit by 1,011.1% during the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after acquiring an additional 2,537,768 shares during the period. Point72 Asset Management L.P. raised its holdings in Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after purchasing an additional 2,225,895 shares in the last quarter. Finally, Holocene Advisors LP lifted its position in Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after purchasing an additional 1,923,109 shares during the period.

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.