Sanford C. Bernstein Raises Reddit (NYSE:RDDT) Price Target to $50.00

Reddit (NYSE:RDDT) had its price target raised by Sanford C. Bernstein from $45.00 to $50.00 in a report published on Monday morning, Benzinga reports. Sanford C. Bernstein currently has an underperform rating on the stock.

Other analysts have also issued research reports about the company. The Goldman Sachs Group upped their price objective on Reddit from $40.00 to $55.00 and gave the company a neutral rating in a report on Thursday, May 9th. Roth Capital reissued a buy rating on shares of Reddit in a research note on Monday, April 15th. Raymond James started coverage on Reddit in a report on Monday, April 15th. They issued a strong-buy rating and a $50.00 price target on the stock. Roth Mkm boosted their target price on Reddit from $50.00 to $61.00 and gave the stock a buy rating in a research report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. increased their price target on Reddit from $57.00 to $67.00 and gave the company a neutral rating in a research report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit currently has an average rating of Moderate Buy and an average price target of 63.07.

Reddit Price Performance

Shares of RDDT opened at 62.06 on Monday. The firm has a 50-day moving average of 63.14. Reddit has a 52-week low of 37.35 and a 52-week high of 78.08.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing the consensus estimate of -2.34 by -5.85. The firm had revenue of 243.00 million for the quarter, compared to analyst estimates of 213.99 million. During the same period in the previous year, the business earned ($1.05) EPS. Reddit’s quarterly revenue was up 48.4% on a year-over-year basis. Equities research analysts expect that Reddit will post -4.62 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Andrew Vollero sold 50,580 shares of the business’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 completion of 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 this link. In other Reddit news, CFO Andrew Vollero sold 50,580 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now owns 631,080 shares of the company’s stock, valued at 37,195,855.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Michelle Marie Reynolds sold 6,618 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 390,064.92. Following the completion of the transaction, the chief accounting officer now directly owns 89,795 shares in the company, valued at 5,292,517.30. The disclosure for this sale can be found here. Insiders have sold a total of 192,689 shares of company stock valued at $11,357,090 in the last three months.

Institutional Trading of Reddit

Large investors have recently modified their holdings of the company. Commonwealth Equity Services LLC acquired a new position in Reddit during the 1st quarter worth $1,111,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Reddit during the 1st quarter worth about $9,864,000. SG Americas Securities LLC bought a new stake in Reddit during the 1st quarter valued at approximately $265,000. Global Retirement Partners LLC acquired a new stake in Reddit in the 1st quarter valued at approximately $27,000. Finally, Congress Park Capital LLC acquired a new stake in Reddit in the 1st quarter valued at approximately $279,000.

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.