Reddit, Inc. (NYSE:RDDT) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Reddit, Inc. (NYSE:RDDT) have been given an average rating of “Moderate Buy” by the twenty-two brokerages that are covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, seven have given a hold recommendation, twelve have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $163.00.

A number of equities analysts have issued reports on RDDT shares. Robert W. Baird raised 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. Morgan Stanley raised their price target on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. JMP Securities set a $155.00 price objective on Reddit in a report on Friday, March 28th. The Goldman Sachs Group raised their target price on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Finally, Wells Fargo & Company reduced their price objective on shares of Reddit from $215.00 to $158.00 and set an “overweight” rating on the stock in a research note on Monday, March 31st.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the completion of the transaction, the chief executive officer now directly owns 577,013 shares in the company, valued at $59,593,902.64. This represents a 2.37 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the sale, the insider now directly owns 115,001 shares in the company, valued at approximately $18,095,407.35. This represents a 44.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 603,794 shares of company stock valued at $89,386,704 in the last quarter.

Institutional Investors Weigh In On Reddit

A number of institutional investors and hedge funds have recently made changes to their positions in RDDT. Charles Schwab Investment Management Inc. grew its stake in shares of Reddit by 194.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company’s stock valued at $33,179,000 after buying an additional 332,604 shares in the last quarter. Cerity Partners LLC acquired a new position in shares of Reddit during the 3rd quarter worth about $446,000. Daiwa Securities Group Inc. bought a new stake in Reddit in the third quarter valued at approximately $85,000. The Manufacturers Life Insurance Company acquired a new position in shares of Reddit during the 3rd quarter worth approximately $1,053,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Reddit in the 3rd quarter valued at $349,000.

Reddit Stock Down 10.5 %

Shares of RDDT opened at $86.72 on Monday. The stock’s fifty day simple moving average is $157.86 and its 200-day simple moving average is $139.25. The firm has a market capitalization of $15.69 billion and a PE ratio of -11.22. Reddit has a 12-month low of $37.35 and a 12-month high of $230.41.

Reddit (NYSE:RDDT) last released its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating 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%. Analysts anticipate that Reddit will post 1.12 EPS for the current year.

Reddit Company Profile

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.