Reddit (NYSE:RDDT) Stock Price Expected to Rise, Raymond James Analyst Says

Reddit (NYSE:RDDT) had its price target increased by equities researchers at Raymond James from $200.00 to $250.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “strong-buy” rating on the stock. Raymond James’ target price points to a potential upside of 10.61% from the company’s previous close.

A number of other analysts have also weighed in on the company. Loop Capital increased their price objective on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. B. Riley upped their target price on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Roth Mkm downgraded Reddit from a “buy” rating to a “neutral” rating and upped their target price for the company from $116.00 to $195.00 in a report on Wednesday, January 22nd. Sanford C. Bernstein increased their price objective on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Finally, Robert W. Baird increased their price objective on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $162.20.

Reddit Stock Performance

Shares of NYSE:RDDT traded up $0.79 during trading on Monday, reaching $226.02. 2,452,963 shares of the company traded hands, compared to its average volume of 4,698,190. Reddit has a 52-week low of $37.35 and a 52-week high of $230.41. The business’s fifty day moving average is $176.42 and its 200-day moving average is $114.38.

Insider Activity at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the transaction, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at $261,642,377.21. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $125.98, for a total value of $1,763,720.00. Following the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at $82,110,614.50. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 259,357 shares of company stock valued at $41,121,108 over the last ninety days.

Institutional Trading of Reddit

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC increased its stake in Reddit by 18.5% in the 4th quarter. Commonwealth Equity Services LLC now owns 31,325 shares of the company’s stock worth $5,120,000 after acquiring an additional 4,898 shares during the last quarter. Tredje AP fonden bought a new stake in Reddit in the 4th quarter worth approximately $13,132,000. Swiss National Bank increased its stake in Reddit by 132.8% in the 4th quarter. Swiss National Bank now owns 111,300 shares of the company’s stock worth $18,191,000 after acquiring an additional 63,500 shares during the last quarter. Rakuten Securities Inc. increased its stake in Reddit by 3,205.8% in the 4th quarter. Rakuten Securities Inc. now owns 4,000 shares of the company’s stock worth $654,000 after acquiring an additional 3,879 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its stake in Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock worth $40,000 after acquiring an additional 147 shares during the last quarter.

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.