Needham & Company LLC Increases Reddit (NYSE:RDDT) Price Target to $120.00

Reddit (NYSE:RDDT) had its price target boosted by equities research analysts at Needham & Company LLC from $85.00 to $120.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price would suggest a potential upside of 46.84% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. JMP Securities restated a “market outperform” rating and issued a $84.00 price target on shares of Reddit in a research report on Tuesday, July 30th. Piper Sandler upped their price target on shares of Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Loop Capital upped their price target on shares of Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Roth Mkm increased their target price on shares of Reddit from $66.00 to $89.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Jefferies Financial Group increased their target price on shares of Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $75.56.

Reddit Price Performance

RDDT stock opened at $81.72 on Wednesday. Reddit has a 12 month low of $37.35 and a 12 month high of $82.97. The firm has a 50 day simple moving average of $66.61 and a 200 day simple moving average of $60.82.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.25. The business had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. During the same period in the prior year, the company earned ($0.70) earnings per share. The firm’s revenue for the quarter was up 53.6% on a year-over-year basis. As a group, research analysts expect that Reddit will post -4.05 EPS for the current fiscal year.

Insider Transactions at Reddit

In related news, Director Mary Porter Gale sold 15,000 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $52.73, for a total value of $790,950.00. Following the transaction, the director now directly owns 101,459 shares in the company, valued at approximately $5,349,933.07. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CTO Christopher Brian Slowe sold 21,000 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $1,133,790.00. Following the transaction, the chief technology officer now directly owns 339,295 shares in the company, valued at approximately $18,318,537.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Mary Porter Gale sold 15,000 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $52.73, for a total transaction of $790,950.00. Following the completion of the transaction, the director now owns 101,459 shares in the company, valued at $5,349,933.07. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 390,327 shares of company stock worth $23,503,224 in the last 90 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets bought a new stake in Reddit in the 1st quarter valued at $37,000. Whittier Trust Co. bought a new stake in Reddit in the 3rd quarter valued at $42,000. ANTIPODES PARTNERS Ltd bought a new stake in Reddit in the 1st quarter valued at $63,000. SOA Wealth Advisors LLC. bought a new stake in Reddit in the 2nd quarter valued at $78,000. Finally, Sandia Investment Management LP bought a new stake in Reddit in the 1st quarter valued at $79,000.

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.