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

Shares of Reddit, Inc. (NYSE:RDDT) have been given an average recommendation of “Moderate Buy” by the sixteen analysts that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating on the company.

RDDT has been the subject of a number of recent research reports. Needham & Company LLC increased their target price on Reddit from $63.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. Roth Mkm increased their target price on Reddit from $61.00 to $67.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Roth Capital reiterated a “buy” rating on shares of Reddit in a research note on Monday, April 15th. Raymond James began coverage on Reddit in a research note on Monday, April 15th. They issued a “strong-buy” rating and a $50.00 target price for the company. Finally, JPMorgan Chase & Co. raised their price objective on Reddit from $57.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday, July 16th.

Reddit Stock Down 2.6 %

Shares of NYSE:RDDT opened at 58.44 on Wednesday. The stock’s 50-day moving average price is 63.11. Reddit has a 12 month low of 37.35 and a 12 month high of 78.08.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing the consensus estimate of -2.34 by -5.85. The business had revenue of 243.00 million during the quarter, compared to the consensus estimate of 213.99 million. During the same period in the previous year, the company earned ($1.05) EPS. Reddit’s revenue was up 48.4% compared to the same quarter last year. Research analysts predict that Reddit will post -4.62 EPS for the current fiscal year.

Insider Transactions at Reddit

In other news, CFO Andrew Vollero sold 50,580 shares of Reddit stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,981,185.20. Following the completion of the transaction, the chief financial officer now owns 631,080 shares in the company, valued at approximately 37,195,855.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Andrew Vollero sold 50,580 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,981,185.20. Following the sale, the chief financial officer now owns 631,080 shares of the company’s stock, valued at approximately 37,195,855.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Benjamin Seong Lee sold 20,034 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 1,180,803.96. Following the completion of the sale, the insider now directly owns 259,312 shares in the company, valued at approximately 15,283,849.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 192,689 shares of company stock worth $11,357,090.

Institutional Trading of Reddit

Several hedge funds have recently made changes to their positions in the stock. Inclusive Capital Partners L.P. bought a new stake in shares of Reddit in the 1st quarter worth approximately $103,051,000. Vanguard Group Inc. bought a new stake in Reddit during the 1st quarter valued at $82,167,000. Bank of New York Mellon Corp raised its stake in Reddit by 10.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after acquiring an additional 153,282 shares in the last quarter. Price T Rowe Associates Inc. MD bought a new stake in Reddit during the 1st quarter valued at $37,015,000. Finally, Blackstone Inc. bought a new stake in Reddit during the 1st quarter valued at $36,990,000.

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.