Reddit Inc. (NYSE:RDDT) Stock Has Average Target Price of $219.29

Shares of Reddit Inc. (NYSE:RDDT) have earned a consensus rating of “Moderate Buy” from the twenty-nine brokerages that are presently covering the firm, MarketBeat reports. Ten research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $219.29.

A number of equities analysts have issued reports on the stock. Robert W. Baird set a $185.00 price objective on shares of Reddit in a research note on Friday, July 31st. BNP Paribas Exane initiated coverage on shares of Reddit in a research note on Friday, September 18th. They issued a “neutral” rating and a $180.00 price target on the stock. Wall Street Zen lowered shares of Reddit from a “buy” rating to a “hold” rating in a research note on Sunday, August 9th. Piper Sandler reiterated an “overweight” rating and issued a $195.00 price target (down from $215.00) on shares of Reddit in a report on Friday, July 31st. Finally, Needham & Company LLC restated a “buy” rating and set a $300.00 price objective on shares of Reddit in a report on Wednesday, June 24th.

Reddit Stock Performance

Shares of NYSE RDDT opened at $147.95 on Friday. The business has a fifty day moving average of $156.05 and a two-hundred day moving average of $160.30. Reddit has a 52-week low of $119.27 and a 52-week high of $263.50. The stock has a market cap of $28.47 billion, a PE ratio of 34.41, a PEG ratio of 0.68 and a beta of 2.05.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.30. The firm had revenue of $804.91 million for the quarter, compared to analysts’ expectations of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The company’s quarterly revenue was up 61.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.45 earnings per share. Analysts predict that Reddit will post 5.27 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Huffman sold 18,000 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $178.16, for a total transaction of $3,206,880.00. Following the transaction, the chief executive officer owned 373,814 shares in the company, valued at $66,598,702.24. This represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer Wong sold 75,000 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $178.55, for a total value of $13,391,250.00. Following the sale, the chief operating officer directly owned 1,050,339 shares in the company, valued at approximately $187,538,028.45. This trade represents a 6.66% 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. Insiders have sold a total of 228,744 shares of company stock valued at $37,976,994 in the last three months. 28.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP increased its position in Reddit by 21.8% in the 2nd quarter. Wellington Management Group LLP now owns 1,564,535 shares of the company’s stock valued at $271,572,000 after acquiring an additional 280,030 shares during the period. Moore Capital Management LP raised its stake in shares of Reddit by 611.4% during the second quarter. Moore Capital Management LP now owns 12,577 shares of the company’s stock valued at $2,183,000 after acquiring an additional 10,809 shares during the last quarter. State Street Corp grew its stake in shares of Reddit by 8.7% in the second quarter. State Street Corp now owns 2,979,587 shares of the company’s stock worth $517,197,000 after purchasing an additional 237,523 shares during the last quarter. PensionDanmark Pensionsforsikringsaktieselskab grew its stake in shares of Reddit by 102.3% in the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 19,120 shares of the company’s stock worth $3,319,000 after purchasing an additional 9,670 shares during the last quarter. Finally, IFC Advisors LLC acquired a new stake in Reddit in the first quarter valued at $2,057,000.

Reddit Company Profile

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and experiences. Registered users can submit posts, images, videos and links, while other users can comment, vote on content and engage in discussions. The platform comprises thousands of independently moderated communities, commonly known as subreddits.

Reddit generates revenue primarily through digital advertising and other commercial offerings for businesses.