Reddit (NYSE:RDDT) Price Target Raised to $210.00 at Loop Capital

Reddit (NYSE:RDDT) had its target price lifted by Loop Capital from $180.00 to $210.00 in a report released on Thursday,Benzinga reports. Loop Capital currently has a buy rating on the stock.

RDDT has been the topic of several other research reports. Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research report on Thursday, February 6th. JMP Securities boosted their target price on shares of Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research note on Thursday. Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Guggenheim started coverage on Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their target price on shares of Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $175.45.

Reddit Price Performance

Shares of RDDT stock 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 has a 50 day simple moving average of $180.60 and a 200 day simple moving average of $117.29.

Reddit (NYSE:RDDT) last released 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%. Equities research analysts anticipate that Reddit will post -3.45 EPS for the current year.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $141.79, for a total value of $1,985,060.00. Following the completion of the sale, the chief executive officer now directly owns 634,971 shares in the company, valued at approximately $90,032,538.09. The trade was a 2.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the transaction, the chief technology officer now owns 35,252 shares of the company’s stock, valued at $6,491,655.80. The trade was a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 245,357 shares of company stock valued at $39,357,388 in the last quarter.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. FMR LLC grew its position in shares of 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 buying an additional 913,189 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after buying an additional 5,950,909 shares in the last quarter. Jennison Associates LLC acquired a new position in shares of Reddit during the fourth quarter valued at about $494,861,000. Holocene Advisors LP grew its stake in shares of Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after buying an additional 1,923,109 shares during the period. 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 acquiring an additional 2,537,768 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.