Reddit (NYSE:RDDT) Price Target Raised to $160.00

Reddit (NYSE:RDDT) had its target price lifted by Robert W. Baird from $100.00 to $160.00 in a research report sent to investors on Wednesday,Benzinga reports. Robert W. Baird currently has a neutral rating on the stock.

A number of other brokerages have also recently issued reports on RDDT. Needham & Company LLC lifted their price objective on Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $70.00 to $200.00 in a report on Monday, December 9th. Sanford C. Bernstein raised their target price on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Roth Mkm raised their target price on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, JMP Securities raised their target price on Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research note on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $124.42.

Reddit Stock Up 5.6 %

Shares of RDDT stock opened at $172.64 on Wednesday. The stock has a fifty day moving average price of $117.99 and a 200 day moving average price of $81.25. Reddit has a one year low of $37.35 and a one year high of $180.74.

Reddit (NYSE:RDDT) last issued 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 company had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Reddit’s revenue was up 67.9% on a year-over-year basis. On average, research analysts forecast that Reddit will post -3.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the transaction, the chief technology officer now owns 30,068 shares of the company’s stock, valued at $2,329,668.64. The trade was a 14.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’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 sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $38,578,562.25. This represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 325,644 shares of company stock valued at $31,195,790.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently modified their holdings of RDDT. SOA Wealth Advisors LLC. acquired a new stake in Reddit during the 2nd quarter worth approximately $78,000. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Reddit in the 2nd quarter valued at $19,876,000. Raymond James & Associates lifted its position in Reddit by 706.1% in the 2nd 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 Reddit in the 2nd quarter worth $8,068,000. Finally, Bank of New York Mellon Corp increased its holdings 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 worth $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.