Brokerages Set Reddit Inc. (NYSE:RDDT) Target Price at $228.61

Reddit Inc. (NYSE:RDDT) has been assigned a consensus rating of “Moderate Buy” from the thirty brokerages that are currently covering the company, Marketbeat.com reports. Eleven analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $228.6071.

A number of research analysts recently weighed in on RDDT shares. Rothschild & Co Redburn set a $110.00 price objective on Reddit in a report on Monday, April 27th. Citigroup reaffirmed a “market outperform” rating on shares of Reddit in a report on Tuesday, May 26th. Bank of America dropped their price objective on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Morgan Stanley set a $240.00 price objective on Reddit in a report on Friday, February 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price objective on shares of Reddit in a report on Friday, May 1st.

Reddit Price Performance

Shares of RDDT stock opened at $169.84 on Friday. The business’s fifty day moving average price is $151.50 and its 200 day moving average price is $177.46. Reddit has a 1-year low of $110.85 and a 1-year high of $282.95. The firm has a market capitalization of $32.69 billion, a PE ratio of 48.52 and a beta of 1.91.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. During the same quarter in the prior year, the company posted $0.13 earnings per share. Reddit’s quarterly revenue was up 69.1% on a year-over-year basis. Equities research analysts expect that Reddit will post 4.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the sale, the chief operating officer directly owned 1,088,451 shares in the company, valued at approximately $172,541,252.52. The trade was a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the business’s stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total value of $2,335,385.00. Following the sale, the chief technology officer owned 38,413 shares in the company, valued at approximately $5,787,686.71. The trade was a 28.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 259,999 shares of company stock worth $39,812,508. 28.48% of the stock is owned by corporate insiders.

Institutional Trading of Reddit

Institutional investors have recently bought and sold shares of the company. Huntington National Bank increased its stake in Reddit by 25.6% during the third quarter. Huntington National Bank now owns 270 shares of the company’s stock worth $62,000 after acquiring an additional 55 shares during the last quarter. Institute for Wealth Management LLC. increased its stake in Reddit by 6.1% during the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after acquiring an additional 62 shares during the last quarter. Roxbury Financial LLC increased its stake in Reddit by 7.4% during the fourth quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after acquiring an additional 64 shares during the last quarter. Florida Financial Advisors LLC increased its stake in Reddit by 6.7% during the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after acquiring an additional 68 shares during the last quarter. Finally, Diversified Trust Co increased its stake in Reddit by 2.1% during the first quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock worth $440,000 after acquiring an additional 68 shares during the last quarter.

About Reddit

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.