Bank of America Forecasts Strong Price Appreciation for Reddit (NYSE:RDDT) Stock

Reddit (NYSE:RDDT) had its price target increased by investment analysts at Bank of America from $180.00 to $190.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price target suggests a potential downside of 12.43% from the company’s current price.

Several other research firms have also recently weighed in on RDDT. Robert W. Baird increased their price target on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday. Raymond James upped their price objective on Reddit from $200.00 to $250.00 and gave the company a “strong-buy” rating in a research report on Monday. The Goldman Sachs Group raised 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. Needham & Company LLC upped their price target on shares of Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Jefferies Financial Group raised their price objective on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $165.95.

Reddit Trading Up 1.5 %

NYSE RDDT opened at $216.96 on Thursday. Reddit has a one year low of $37.35 and a one year high of $230.41. The stock has a 50-day moving average of $180.60 and a 200 day moving average of $117.29.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Analysts anticipate that Reddit will post -3.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at approximately $124,083,012.24. This trade represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Andrew Vollero sold 19,838 shares of Reddit stock in a transaction on Monday, November 25th. The shares were sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the sale, the chief financial officer now owns 703,615 shares in the company, valued at approximately $100,771,740.30. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 259,357 shares of company stock worth $41,121,108.

Institutional Investors Weigh In On Reddit

Hedge funds have recently made changes to their positions in the company. FMR LLC increased its stake in Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after purchasing an additional 5,950,909 shares in the last quarter. Jennison Associates LLC bought a new stake in Reddit in the fourth quarter worth $494,861,000. Alliancebernstein L.P. increased its position 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 last quarter. Finally, Point72 Asset Management L.P. raised its stake in Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares in the last quarter.

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.