Fintel reports that on August 6, 2024, Cannonball Research initiated coverage of Reddit (NYSE:RDDT) with a Buy recommendation.
Analyst Price Forecast Suggests 26.29% Upside
As of August 6, 2024, the average one-year price target for Reddit is $68.65/share. The forecasts range from a low of $50.50 to a high of $88.20. The average price target represents an increase of 26.29% from its latest reported closing price of $54.36 / share.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Reddit is 1,111MM, an increase of 13.21%. The projected annual non-GAAP EPS is -6.21.
What is the Fund Sentiment?
There are 246 funds or institutions reporting positions in Reddit. This is an increase of 211 owner(s) or 602.86% in the last quarter. Average portfolio weight of all funds dedicated to RDDT is 0.33%, an increase of 1,331.84%. Total shares owned by institutions increased in the last three months by 1,171.88% to 24,057K shares. 
The put/call ratio of RDDT is 1.25, indicating a bearish outlook.
What are Other Shareholders Doing?
Inclusive Capital Partners holds 2,089K shares representing 1.28% ownership of the company.
Bank of New York Mellon holds 1,664K shares representing 1.02% ownership of the company. In its prior filing, the firm reported owning 1,510K shares , representing an increase of 9.21%. The firm increased its portfolio allocation in RDDT by 40.84% over the last quarter.
T. Rowe Price Investment Management holds 1,656K shares representing 1.01% ownership of the company.
Valor Management holds 1,337K shares representing 0.82% ownership of the company.
Price T Rowe Associates holds 750K shares representing 0.46% ownership of the company.
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This story originally appeared on Fintel.
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