Reddit (NYSE:RDDT) Price Target Raised to $220.00 at Needham & Company LLC

Reddit (NYSE:RDDT) had its price objective raised by Needham & Company LLC from $190.00 to $220.00 in a research report sent to investors on Thursday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Other analysts also recently issued reports about the company. Seaport Res Ptn upgraded Reddit to a “hold” rating in a research note on Thursday, February 6th. Citigroup raised their price objective on Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Piper Sandler increased their target price on Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research note on Tuesday, January 14th. Bank of America raised their price target on shares of Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 8th. Finally, Wells Fargo & Company assumed coverage on shares of Reddit in a report on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price target on the stock. One research 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 company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $175.45.

Reddit Stock Performance

NYSE RDDT opened at $196.37 on Thursday. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The business has a 50 day moving average price of $182.33 and a two-hundred day moving average price of $118.85.

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

Insider Transactions at Reddit

In related news, CFO Andrew Vollero sold 19,838 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $143.22, for a total value of $2,841,198.36. Following the sale, the chief financial officer now owns 703,615 shares of the company’s stock, valued at $100,771,740.30. This trade represents a 2.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the transaction, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at $261,642,377.21. The trade was a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 245,357 shares of company stock worth $39,357,388.

Institutional Trading of Reddit

Large investors have recently added to or reduced their stakes in the business. FMR LLC grew its stake in shares of Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares in the last quarter. Vanguard Group Inc. grew its position in Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after buying an additional 5,950,909 shares in the last quarter. Jennison Associates LLC acquired a new position in Reddit during the 4th quarter valued at about $494,861,000. Alliancebernstein L.P. raised its position in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after buying an additional 2,537,768 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its stake in shares of Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after acquiring an additional 2,225,895 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.