Reddit (NYSE:RDDT) Given New $120.00 Price Target at Citigroup

Reddit (NYSE:RDDT) had its target price boosted by research analysts at Citigroup from $70.00 to $120.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective suggests a potential upside of 3.13% from the stock’s previous close.

Several other brokerages also recently commented on RDDT. Sanford C. Bernstein increased their target price on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday. Raymond James increased 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. Morgan Stanley raised their price target on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. raised their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Finally, Cannonball Research began coverage on Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price target on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $89.72.

Reddit Stock Up 42.4 %

RDDT stock traded up $34.62 on Wednesday, reaching $116.36. 31,997,016 shares of the company traded hands, compared to its average volume of 4,636,178. Reddit has a one year low of $37.35 and a one year high of $117.63. The firm has a fifty day simple moving average of $66.61 and a 200-day simple moving average of $60.82.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The firm’s revenue was up 67.9% on a year-over-year basis. On average, research analysts forecast that Reddit will post -4.05 EPS for the current fiscal year.

Insider Transactions at Reddit

In other news, Director Mary Porter Gale sold 15,000 shares of Reddit stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $52.73, for a total value of $790,950.00. Following the sale, the director now directly owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. 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 can be accessed through this hyperlink. In related news, CFO Andrew Vollero sold 11,287 shares of Reddit 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 completion of the transaction, the chief financial officer now owns 840,379 shares in the company, valued at approximately $53,784,256. This trade 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, Director Mary Porter Gale sold 15,000 shares of Reddit stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $52.73, for a total value of $790,950.00. Following the completion of the transaction, the director now owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 390,327 shares of company stock valued at $23,503,224.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. StoneCrest Wealth Management Inc. grew its position in Reddit by 2.6% in the third quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after acquiring an additional 176 shares in the last quarter. Whittier Trust Co. purchased a new position in Reddit in the third quarter worth about $42,000. BNP Paribas Financial Markets purchased a new position in Reddit in the first quarter worth about $37,000. Vestor Capital LLC grew its position in Reddit by 1.1% in the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after acquiring an additional 922 shares in the last quarter. Finally, SOA Wealth Advisors LLC. purchased a new position in shares of Reddit during the second quarter valued at approximately $78,000.

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.