Brokerages Set Reddit Inc. (NYSE:RDDT) Price Target at $245.18

Shares of Reddit Inc. (NYSE:RDDT) have earned an average rating of “Moderate Buy” from the thirty research firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, eleven have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $245.1786.

Several brokerages have issued reports on RDDT. Morgan Stanley boosted their price target on shares of Reddit from $250.00 to $265.00 and gave the company an “overweight” rating in a report on Tuesday, January 13th. Argus set a $300.00 target price on shares of Reddit in a research note on Friday, January 9th. Zacks Research lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $236.00 price objective on shares of Reddit in a report on Tuesday, October 14th. Finally, Cantor Fitzgerald initiated coverage on Reddit in a research note on Thursday, January 8th. They issued a “neutral” rating and a $240.00 price objective on the stock.

Insider Buying and Selling

In other news, insider Benjamin Seong Lee sold 55,005 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $221.21, for a total value of $12,167,656.05. Following the sale, the insider owned 62,608 shares in the company, valued at approximately $13,849,515.68. The trade was a 46.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $215.19, for a total transaction of $3,873,420.00. Following the sale, the chief executive officer owned 448,576 shares of the company’s stock, valued at $96,529,069.44. This trade represents a 3.86% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 519,422 shares of company stock valued at $113,573,815. 34.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Raiffeisen Bank International AG bought a new position in Reddit in the 3rd quarter valued at $25,000. GW&K Investment Management LLC bought a new position in shares of Reddit in the third quarter valued at about $30,000. Cornerstone Planning Group LLC lifted its position in Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after buying an additional 135 shares in the last quarter. LOM Asset Management Ltd bought a new stake in Reddit during the 4th quarter worth about $33,000. Finally, Noble Wealth Management PBC bought a new stake in Reddit during the 4th quarter worth about $34,000.

Reddit Stock Down 1.8%

Shares of RDDT opened at $189.74 on Friday. The stock’s 50-day moving average price is $226.46 and its 200 day moving average price is $214.01. The firm has a market capitalization of $35.96 billion, a price-to-earnings ratio of 109.05, a P/E/G ratio of 1.34 and a beta of 2.17. Reddit has a 12-month low of $79.75 and a 12-month high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.30. The company had revenue of $584.91 million for the quarter, compared to analyst estimates of $546.65 million. Reddit had a return on equity of 14.94% and a net margin of 18.33%.Reddit’s revenue for the quarter was up 67.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.16 EPS. Equities research analysts expect that Reddit will post 1.12 EPS for the current year.

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.