Citigroup Forecasts Strong Price Appreciation for Reddit (NYSE:RDDT) Stock

Reddit (NYSE:RDDT) had its price objective upped by Citigroup from $200.00 to $220.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 12.03% from the company’s current price.

Several other analysts also recently weighed in on the company. Raymond James boosted their price target on Reddit from $200.00 to $250.00 and gave the company a “strong-buy” rating in a research note on Monday, February 10th. JPMorgan Chase & Co. upped their price target on Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday. Needham & Company LLC lifted their price target on shares of Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday. B. Riley upped their price objective on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Finally, Sanford C. Bernstein lifted their target price on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average target price of $175.45.

Reddit Stock Down 4.2 %

Shares of NYSE RDDT opened at $196.37 on Thursday. Reddit has a twelve month low of $37.35 and a twelve month high of $230.41. The business has a fifty day simple moving average of $181.65 and a two-hundred day simple moving average of $117.91. The firm has a market cap of $34.48 billion and a PE ratio of -25.40.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. On average, research analysts expect that Reddit will post -3.45 earnings per share for the current year.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $124,083,012.24. This trade represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $128.13, for a total value of $4,270,957.29. Following the completion of the transaction, the chief operating officer now directly owns 1,542,457 shares in the company, valued at approximately $197,635,015.41. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 245,357 shares of company stock valued at $39,357,388 over the last ninety days.

Institutional Trading of Reddit

Several institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC boosted its stake in Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after buying an additional 9,139,196 shares during the period. Vanguard Group Inc. boosted its position in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares during the period. Jennison Associates LLC acquired a new stake in Reddit in the 4th quarter valued at approximately $494,861,000. Alliancebernstein L.P. raised its position in Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after purchasing an additional 2,537,768 shares during the period. Finally, Point72 Asset Management L.P. lifted its stake in Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after purchasing an additional 2,225,895 shares in 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.