Reddit (NYSE:RDDT) PT Raised to $70.00

Reddit (NYSE:RDDT) had its target price raised by Raymond James from $65.00 to $70.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a strong-buy rating on the stock.

Several other research firms have also commented on RDDT. Piper Sandler lifted their price target on Reddit from $50.00 to $65.00 and gave the stock an overweight rating in a research report on Wednesday, May 8th. JMP Securities reiterated a market outperform rating and issued a $84.00 price target on shares of Reddit in a research report on Tuesday, July 30th. Morgan Stanley lifted their price target on Reddit from $63.00 to $70.00 and gave the stock an equal weight rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group lifted their price target on Reddit from $40.00 to $55.00 and gave the stock a neutral rating in a research report on Thursday, May 9th. Finally, Roth Capital restated a buy rating on shares of Reddit in a research report on Monday, April 15th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of 64.80.

Reddit Trading Down 3.0 %

Shares of RDDT stock opened at 57.58 on Wednesday. Reddit has a 12-month low of 37.35 and a 12-month high of 78.08. The stock has a 50-day moving average price of 63.35.

Reddit (NYSE:RDDT) last released 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 company had revenue of 243.00 million during the quarter, compared to the consensus estimate of 213.99 million. The company’s quarterly revenue was up 48.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.05) EPS. As a group, analysts predict that Reddit will post -4.68 EPS for the current year.

Insider Activity at Reddit

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 shares were 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 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 accessible through this link. In other news, CEO Steve Ladd Huffman sold 42,299 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 2,493,103.06. Following the transaction, the chief executive officer now directly owns 689,157 shares of the company’s stock, valued at 40,618,913.58. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Andrew Vollero sold 50,580 shares of the company’s stock in a transaction 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 transaction, the chief financial officer now directly owns 631,080 shares in the company, valued at 37,195,855.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 192,689 shares of company stock worth $11,357,090.

Hedge Funds Weigh In On Reddit

Large investors have recently made changes to their positions in the business. Inclusive Capital Partners L.P. purchased a new stake in shares of Reddit during the first quarter valued at $103,051,000. Vanguard Group Inc. purchased a new stake in shares of Reddit during the first quarter valued at $82,167,000. Bank of New York Mellon Corp grew its holdings in shares of Reddit by 10.1% during the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after buying an additional 153,282 shares during the last quarter. Price T Rowe Associates Inc. MD purchased a new stake in shares of Reddit during the first quarter valued at $37,015,000. Finally, Blackstone Inc. purchased a new stake in shares of Reddit during the first 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.