Needham & Company LLC Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price objective lifted by equities researchers at Needham & Company LLC from $120.00 to $190.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 21.97% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Citigroup increased their price objective on shares of Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Sanford C. Bernstein increased their price target on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. Bank of America boosted their price objective on shares of Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. B. Riley reaffirmed a “buy” rating and issued a $112.00 target price (up previously from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Finally, Raymond James lifted their price target on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of $119.89.

Reddit Price Performance

RDDT opened at $155.78 on Wednesday. The stock has a fifty day moving average of $112.11 and a 200-day moving average of $79.25. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $180.74.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company’s quarterly revenue was up 67.9% compared to the same quarter last year. On average, equities research analysts predict that Reddit will post -3.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $59.18, for a total transaction of $1,972,646.94. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $91,282,605.26. This represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $59.19, for a total transaction of $828,660.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares in the company, valued at approximately $38,578,562.25. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 325,644 shares of company stock valued at $31,195,790.

Institutional Investors Weigh In On Reddit

Several large investors have recently added to or reduced their stakes in the business. SOA Wealth Advisors LLC. bought a new position in shares of Reddit during the 2nd quarter worth about $78,000. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of Reddit during the second quarter valued at approximately $19,876,000. Raymond James & Associates increased its holdings in shares of Reddit by 706.1% during the second quarter. Raymond James & Associates now owns 42,641 shares of the company’s stock valued at $2,724,000 after acquiring an additional 37,351 shares in the last quarter. Carnegie Investment Counsel acquired a new position in shares of Reddit during the second quarter worth approximately $8,068,000. Finally, Bank of New York Mellon Corp increased its stake in Reddit by 10.1% during the 2nd 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 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.