The Goldman Sachs Group Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price target increased by The Goldman Sachs Group from $105.00 to $176.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 5.38% from the company’s previous close.

RDDT has been the subject of several other research reports. Wells Fargo & Company initiated coverage on shares of Reddit in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price target for the company. Piper Sandler restated an “overweight” rating and set a $150.00 price objective (up from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. Loop Capital lifted their target price on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Citigroup boosted their price objective on shares of Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Finally, Bank of America upped their price target on Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $142.15.

Reddit Price Performance

Shares of NYSE:RDDT opened at $167.01 on Tuesday. The business’s 50 day moving average is $154.55 and its 200 day moving average is $97.94. Reddit has a 52-week low of $37.35 and a 52-week high of $187.69.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business’s revenue was up 67.9% compared to the same quarter last year. On average, sell-side analysts forecast that Reddit will post -3.46 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $113.13, for a total value of $1,583,820.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares in the company, valued at approximately $73,735,305.75. This trade represents a 2.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the sale, the chief operating officer now owns 1,504,297 shares in the company, valued at $265,102,260.31. This trade represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 250,357 shares of company stock worth $34,241,680.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently bought and sold shares of the business. Ridgewood Investments LLC boosted its holdings in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares in the last quarter. Whittier Trust Co. purchased a new position in shares of Reddit during the third quarter worth about $42,000. Daiwa Securities Group Inc. acquired a new stake in shares of Reddit during the third quarter worth about $85,000. AdvisorNet Financial Inc lifted its holdings in shares of Reddit by 41.9% in the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after purchasing an additional 201 shares during the last quarter. Finally, SOA Wealth Advisors LLC. boosted its position in shares of Reddit by 56.3% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after purchasing an additional 691 shares during the period.

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.