Reddit (NYSE:RDDT) Price Target Raised to $85.00

Reddit (NYSE:RDDT) had its target price lifted by Needham & Company LLC from $75.00 to $85.00 in a research note released on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently commented on RDDT. Sanford C. Bernstein raised their target price on shares of Reddit from $45.00 to $50.00 and gave the stock an underperform rating in a report on Monday, July 22nd. Cannonball Research began coverage on shares of Reddit in a research note on Tuesday, August 6th. They set a buy rating and a $67.00 target price on the stock. Bank of America raised their target price on Reddit from $57.00 to $60.00 and gave the stock a neutral rating in a research report on Wednesday, August 7th. B. Riley initiated coverage on Reddit in a report on Friday, September 20th. They set a buy rating and a $75.00 price target on the stock. Finally, JMP Securities reissued a market outperform rating and issued a $84.00 price objective on shares of Reddit in a research note on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $69.56.

Reddit Stock Up 4.7 %

Shares of RDDT opened at $73.19 on Wednesday. Reddit has a 12-month low of $37.35 and a 12-month high of $78.08. The firm’s 50 day moving average is $60.86 and its 200-day moving average is $58.17.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. Reddit’s quarterly revenue was up 53.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.70) EPS. On average, research analysts anticipate that Reddit will post -4.11 EPS for the current year.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 6,714 shares of Reddit stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $59.84, for a total value of $401,765.76. Following the transaction, the chief executive officer now directly owns 658,352 shares of the company’s stock, valued at $39,395,783.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, COO Jennifer L. Wong sold 50,000 shares of Reddit stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the sale, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at $100,275,129.57. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 6,714 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $59.84, for a total value of $401,765.76. Following the completion of the sale, the chief executive officer now owns 658,352 shares of the company’s stock, valued at $39,395,783.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 337,993 shares of company stock worth $19,517,419.

Institutional Investors Weigh In On Reddit

A number of institutional investors have recently bought and sold shares of the business. Congress Park Capital LLC acquired a new stake in shares of Reddit during the 1st quarter valued at about $279,000. Commonwealth Equity Services LLC acquired a new stake in Reddit in the 1st quarter valued at $1,111,000. BNP Paribas Financial Markets acquired a new position in Reddit during the first quarter worth $37,000. SG Americas Securities LLC bought a new position in shares of Reddit during the first quarter valued at $265,000. Finally, ANTIPODES PARTNERS Ltd bought a new position in Reddit during the 1st quarter valued at about $63,000.

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.