Reddit (NYSE:RDDT) Price Target Raised to $116.00

Reddit (NYSE:RDDT) had its price objective boosted by Roth Mkm from $89.00 to $116.00 in a research note published on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also recently issued reports on the company. B. Riley reissued a “buy” rating and issued a $112.00 target price (up from $87.00) on shares of Reddit in a research report on Wednesday. Needham & Company LLC upped their target price on Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday. Bank of America upped their target price on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research report on Wednesday. Cannonball Research started coverage on Reddit in a research report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price for the company. Finally, Jefferies Financial Group upped their target price on Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $89.72.

Reddit Stock Down 5.3 %

NYSE:RDDT opened at $112.98 on Wednesday. The stock has a 50-day simple moving average of $70.13 and a 200-day simple moving average of $62.12. Reddit has a 1 year low of $37.35 and a 1 year high of $123.60.

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

Insider Transactions at Reddit

In other news, Director Mary Porter Gale sold 30,000 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the completion of the transaction, the director now directly owns 71,459 shares of the company’s stock, valued at approximately $3,738,020.29. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Mary Porter Gale sold 30,000 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the completion of the transaction, the director now directly owns 71,459 shares of the company’s stock, valued at approximately $3,738,020.29. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total value of $755,720.00. Following the transaction, the chief executive officer now directly owns 672,352 shares of the company’s stock, valued at approximately $36,293,560.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 390,327 shares of company stock valued at $23,503,224.

Hedge Funds Weigh In On Reddit

Several hedge funds have recently bought and sold shares of RDDT. VY Capital Management Co. Ltd. purchased a new position in Reddit during the third quarter worth $474,403,000. Inclusive Capital Partners L.P. acquired a new position in Reddit in the first quarter valued at $103,051,000. Vanguard Group Inc. acquired a new position in Reddit in the first quarter valued at $82,167,000. Bank of New York Mellon Corp raised its position in Reddit by 10.1% in the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after purchasing an additional 153,282 shares during the period. Finally, Marshall Wace LLP raised its position in Reddit by 117.2% in the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after purchasing an additional 457,588 shares during the period.

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.