Bank of America Forecasts Strong Price Appreciation for Reddit (NYSE:RDDT) Stock

Reddit (NYSE:RDDT) had its price target raised by Bank of America from $84.00 to $99.00 in a research report report published on Wednesday, Benzinga reports. The firm currently has a neutral rating on the stock.

Other analysts have also issued research reports about the company. Cannonball Research assumed coverage on Reddit in a report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective for the company. Roth Mkm lifted their target price on Reddit from $66.00 to $89.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Loop Capital increased their price objective on shares of Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. The Goldman Sachs Group upped their price target on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Finally, Piper Sandler lifted their price target on Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $89.72.

Reddit Price Performance

Shares of RDDT stock opened at $112.98 on Wednesday. Reddit has a 52-week low of $37.35 and a 52-week high of $123.60. The company’s 50 day moving average is $70.13 and its 200 day moving average is $62.12.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit’s revenue for the quarter was up 67.9% on a year-over-year basis. Sell-side analysts expect that Reddit will post -4.05 EPS for the current year.

Insider Activity at Reddit

In other news, insider Benjamin Seong Lee sold 45,807 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93. Following the completion of the sale, the insider now directly owns 194,473 shares in the company, valued at $10,499,597.27. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Benjamin Seong Lee sold 45,807 shares of Reddit stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the transaction, the insider now owns 194,473 shares in the company, valued at approximately $10,499,597.27. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Mary Porter Gale sold 30,000 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $52.31, for a total value of $1,569,300.00. Following the completion of the sale, the director now directly owns 71,459 shares of the company’s stock, valued at $3,738,020.29. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 390,327 shares of company stock valued at $23,503,224.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets acquired a new position in Reddit during the first quarter worth $37,000. Whittier Trust Co. acquired a new position in Reddit in the 3rd quarter valued at about $42,000. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Reddit during the first quarter worth about $63,000. SOA Wealth Advisors LLC. purchased a new position in shares of Reddit in the second quarter valued at approximately $78,000. Finally, Sandia Investment Management LP acquired a new position in shares of Reddit in the first quarter valued at approximately $79,000.

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.