Robert W. Baird Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price target boosted by Robert W. Baird from $160.00 to $185.00 in a report published on Thursday morning,Benzinga reports. They currently have a neutral rating on the stock.

Other research analysts also recently issued reports about the stock. B. Riley lifted their target price on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. The Goldman Sachs Group upped their price objective on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. Citigroup raised their target price on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Loop Capital upped their price target on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. Finally, Morgan Stanley upgraded Reddit from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $70.00 to $200.00 in a research report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $175.45.

Reddit Stock Down 5.1 %

Shares of NYSE:RDDT opened at $205.50 on Thursday. The company has a 50 day moving average of $180.60 and a 200 day moving average of $117.29. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41.

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

Insider Activity

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $201.96, for a total value 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. The trade was a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Vollero sold 19,838 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $143.22, for a total value of $2,841,198.36. Following the completion of the transaction, the chief financial officer now owns 703,615 shares of the company’s stock, valued at $100,771,740.30. This represents a 2.74 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 245,357 shares of company stock worth $39,357,388.

Institutional Investors Weigh In On Reddit

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Plato Investment Management Ltd bought a new position in shares of Reddit during the 4th quarter valued at $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit during the fourth quarter valued at $28,000. Ridgewood Investments LLC lifted its holdings in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. purchased a new position in Reddit in the fourth quarter worth about $33,000. Finally, Bogart Wealth LLC bought a new stake in shares of Reddit during the 4th quarter valued at about $33,000.

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.