Reddit (NYSE:RDDT) Price Target Raised to $190.00 at Bank of America

Reddit (NYSE:RDDT) had its price objective boosted by Bank of America from $180.00 to $190.00 in a research note published on Thursday morning,Benzinga reports. They currently have a neutral rating on the stock.

RDDT has been the subject of several other research reports. Morgan Stanley upped their target price on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday. Robert W. Baird boosted their price target on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday. The Goldman Sachs Group lifted their target price on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Sanford C. Bernstein upped their target price on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. Finally, Guggenheim initiated coverage on Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 price target on the stock. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $175.45.

Reddit Price Performance

NYSE:RDDT opened at $205.50 on Thursday. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41. The business’s fifty day moving average price is $180.60 and its 200 day moving average price is $117.29.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. As a group, equities research analysts predict that Reddit will post -3.45 EPS for the current year.

Insider Activity at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were 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 in the company, valued at approximately $261,642,377.21. This represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit 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 sale, the chief executive officer now owns 634,971 shares of the company’s stock, valued at approximately $90,032,538.09. The trade was a 2.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 245,357 shares of company stock worth $39,357,388 over the last three months.

Hedge Funds Weigh In On Reddit

Several hedge funds have recently bought and sold shares of RDDT. FMR LLC lifted its holdings in Reddit by 7.5% in the 4th quarter. FMR LLC now owns 13,070,780 shares of the company’s stock valued at $2,136,288,000 after purchasing an additional 913,189 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after acquiring an additional 5,950,909 shares during the last quarter. Jennison Associates LLC acquired a new stake in shares of Reddit during the 4th quarter valued at approximately $494,861,000. Holocene Advisors LP lifted its stake in Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after purchasing an additional 1,923,109 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after purchasing an additional 2,537,768 shares during the period.

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.