Reddit (NYSE:RDDT) Price Target Raised to $190.00

Reddit (NYSE:RDDT) had its target price boosted by Needham & Company LLC from $120.00 to $190.00 in a report released on Wednesday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

RDDT has been the subject of a number of other research reports. Loop Capital lifted their price objective on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a report on Monday, December 2nd. The Goldman Sachs Group boosted their price target on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Robert W. Baird upped their price objective on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday. Citigroup lifted their target price on Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Raymond James increased their price target on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average price target of $124.42.

Reddit Price Performance

Shares of NYSE RDDT opened at $172.64 on Wednesday. Reddit has a 52-week low of $37.35 and a 52-week high of $180.74. The business’s 50 day moving average is $117.99 and its two-hundred day moving average is $81.25.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The business’s revenue was up 67.9% on a year-over-year basis. Sell-side analysts expect that Reddit will post -3.46 EPS for the current fiscal year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $141.79, for a total transaction of $1,985,060.00. Following the transaction, the chief executive officer now directly owns 634,971 shares in the company, valued at approximately $90,032,538.09. This trade represents a 2.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Andrew Vollero sold 19,838 shares of Reddit stock in a transaction on Monday, November 25th. The shares were sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the transaction, the chief financial officer now directly owns 703,615 shares in the company, valued at $100,771,740.30. The trade was a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 325,644 shares of company stock worth $31,195,790.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently made changes to their positions in the business. StoneCrest Wealth Management Inc. raised its stake in Reddit by 2.6% during the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock valued at $451,000 after acquiring an additional 176 shares during the last quarter. Whittier Trust Co. acquired a new position in shares of Reddit in the third quarter valued at approximately $42,000. SOA Wealth Advisors LLC. raised its stake in shares of Reddit by 56.3% during the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after purchasing an additional 691 shares during the last quarter. MML Investors Services LLC lifted its holdings in shares of Reddit by 12.0% during the third quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock worth $467,000 after purchasing an additional 757 shares during the period. Finally, Vestor Capital LLC lifted its holdings in shares of Reddit by 1.1% during the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after purchasing an additional 922 shares during the period.

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.