Analysts Set Reddit, Inc. (NYSE:RDDT) Target Price at $148.25

Shares of Reddit, Inc. (NYSE:RDDT) have received a consensus recommendation of “Moderate Buy” from the twenty-one analysts that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $148.25.

Several research firms have commented on RDDT. Robert W. Baird upped their target price on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $70.00 to $200.00 in a report on Monday, December 9th. Raymond James lifted their target price on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. Loop Capital increased their price target on Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Finally, Roth Mkm raised their price target on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday, October 30th.

Insiders Place Their Bets

In other news, Director Mary Porter Gale sold 5,000 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $114.40, for a total transaction of $572,000.00. Following the transaction, the director now owns 46,459 shares of the company’s stock, valued at $5,314,909.60. This represents a 9.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $176.23, for a total value of $5,874,274.59. Following the completion of the transaction, the chief operating officer now owns 1,504,297 shares in the company, valued at $265,102,260.31. This represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 231,023 shares of company stock valued at $34,118,355 in the last 90 days.

Institutional Investors Weigh In On Reddit

Institutional investors have recently bought and sold shares of the company. Ridgewood Investments LLC lifted its stake in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. UMB Bank n.a. boosted its stake in Reddit by 10.8% in the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after purchasing an additional 150 shares during the period. StoneCrest Wealth Management Inc. boosted its position in shares of Reddit by 2.6% in the third quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock valued at $451,000 after acquiring an additional 176 shares during the period. AdvisorNet Financial Inc grew its stake in shares of Reddit by 41.9% in the fourth quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after acquiring an additional 201 shares in the last quarter. Finally, Whittier Trust Co. bought a new position in Reddit during the third quarter worth about $42,000.

Reddit Stock Up 0.4 %

Reddit stock opened at $175.57 on Wednesday. The firm’s fifty day moving average price is $158.06 and its 200 day moving average price is $100.62. Reddit has a 12-month low of $37.35 and a 12-month high of $187.69.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The company’s revenue was up 67.9% compared to the same quarter last year. Equities analysts anticipate that Reddit will post -3.46 EPS for the current year.

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.