Sanford C. Bernstein Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price target upped by Sanford C. Bernstein from $65.00 to $85.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Sanford C. Bernstein currently has an underperform rating on the stock.

A number of other equities research analysts have also recently commented on RDDT. JMP Securities reaffirmed a “market outperform” rating and set a $84.00 price objective on shares of Reddit in a research note on Tuesday, July 30th. Needham & Company LLC lifted their price objective on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday. Bank of America boosted their target price on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research note on Wednesday. Raymond James boosted their target price on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. Finally, B. Riley reissued a “buy” rating and issued a $112.00 target price (up from $87.00) on shares of Reddit in a research note on Wednesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $89.72.

Reddit Stock Down 5.3 %

Shares of Reddit stock opened at $112.99 on Wednesday. Reddit has a 12 month low of $37.35 and a 12 month high of $123.60. The business has a fifty day simple moving average of $70.13 and a 200 day simple moving average of $62.12.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The firm’s revenue was up 67.9% compared to the same quarter last year. As a group, equities research analysts expect that Reddit will post -4.05 EPS for the current fiscal year.

Insider Activity

In other news, CFO Andrew Vollero sold 11,287 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the sale, the chief financial officer now directly owns 840,379 shares in the company, valued at $53,784,256. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the sale, the chief technology officer now owns 30,068 shares in the company, valued at approximately $2,329,668.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 11,287 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the sale, the chief financial officer now owns 840,379 shares in the company, valued at $53,784,256. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 390,327 shares of company stock worth $23,503,224 over the last three months.

Institutional Trading of Reddit

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Long Walk Management LP raised its holdings in Reddit by 28.3% during the third quarter. Long Walk Management LP now owns 715,000 shares of the company’s stock worth $47,133,000 after acquiring an additional 157,500 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in Reddit during the third quarter worth approximately $382,000. Objective Capital Management LLC acquired a new position in Reddit during the third quarter worth approximately $391,000. SpiderRock Advisors LLC acquired a new position in Reddit during the third quarter worth approximately $3,485,000. Finally, ARK Investment Management LLC increased its position in Reddit by 120.5% during the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after buying an additional 192,785 shares during the last quarter.

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.