Raymond James Raises Reddit (NYSE:RDDT) Price Target to $80.00

Reddit (NYSE:RDDT) had its target price lifted by Raymond James from $70.00 to $80.00 in a report published on Thursday morning, Benzinga reports. Raymond James currently has a strong-buy rating on the stock.

A number of other research firms have also recently issued reports on RDDT. Piper Sandler upped their price objective on Reddit from $65.00 to $70.00 and gave the stock an overweight rating in a report on Wednesday, August 7th. Needham & Company LLC increased their price target on shares of Reddit from $75.00 to $85.00 and gave the company a buy rating in a research report on Wednesday. Cannonball Research began coverage on shares of Reddit in a research note on Tuesday, August 6th. They set a buy rating and a $67.00 price target on the stock. JMP Securities reaffirmed a market outperform rating and issued a $84.00 price objective on shares of Reddit in a research note on Tuesday, July 30th. Finally, Morgan Stanley lifted their target price on shares of Reddit from $63.00 to $70.00 and gave the stock an equal weight rating in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $69.56.

Reddit Stock Up 4.8 %

Shares of RDDT opened at $73.25 on Thursday. Reddit has a 1-year low of $37.35 and a 1-year high of $78.08. The firm’s 50 day simple moving average is $60.86 and its 200 day simple moving average is $58.12.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The company had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. During the same quarter last year, the business posted ($0.70) EPS. The business’s quarterly revenue was up 53.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Reddit will post -4.11 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Michelle Marie Reynolds sold 12,000 shares of Reddit stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total transaction of $648,000.00. Following the sale, the chief accounting officer now owns 71,162 shares of the company’s stock, valued at approximately $3,842,748. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total value of $648,000.00. Following the completion of the transaction, the chief accounting officer now owns 71,162 shares in the company, valued at $3,842,748. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mary Porter Gale sold 30,000 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $52.31, for a total value of $1,569,300.00. Following the completion of the sale, the director now directly owns 71,459 shares in the company, valued at approximately $3,738,020.29. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 337,993 shares of company stock worth $19,517,419.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently bought and sold shares of the business. Congress Park Capital LLC purchased a new position in shares of Reddit during the first quarter valued at approximately $279,000. Commonwealth Equity Services LLC purchased a new position in Reddit during the first quarter valued at $1,111,000. BNP Paribas Financial Markets bought a new stake in Reddit in the first quarter worth $37,000. SG Americas Securities LLC purchased a new stake in shares of Reddit in the first quarter worth $265,000. Finally, ANTIPODES PARTNERS Ltd purchased a new position in shares of Reddit in the 1st quarter worth about $63,000.

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.