Reddit (NYSE:RDDT) Price Target Raised to $160.00 at Robert W. Baird

Reddit (NYSE:RDDT) had its target price boosted by investment analysts at Robert W. Baird from $100.00 to $160.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Robert W. Baird’s target price suggests a potential downside of 2.04% from the stock’s previous close.

A number of other research analysts have also weighed in on RDDT. JMP Securities raised their price target on shares of Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research report on Monday, November 25th. Roth Mkm lifted their price objective on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group lifted their price objective on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Morgan Stanley raised shares of Reddit from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $70.00 to $200.00 in a research report on Monday. Finally, Sanford C. Bernstein boosted their price target on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $124.42.

Reddit Trading Down 1.6 %

Shares of NYSE RDDT opened at $163.34 on Wednesday. The company has a 50-day moving average price of $115.99 and a 200-day moving average price of $80.43. Reddit has a 1 year low of $37.35 and a 1 year high of $180.74.

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

Insiders Place Their Bets

In other news, insider Benjamin Seong Lee sold 18,519 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value of $2,704,885.14. Following the completion of the sale, the insider now directly owns 138,401 shares in the company, valued at approximately $20,214,850.06. The trade was a 11.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $141.79, for a total transaction of $1,985,060.00. Following the completion of the sale, the chief executive officer now owns 634,971 shares of the company’s stock, valued at approximately $90,032,538.09. The trade was a 2.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 325,644 shares of company stock valued at $31,195,790 in the last quarter.

Institutional Investors Weigh In On Reddit

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC raised its holdings in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after buying an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. bought a new stake in Reddit during the 3rd quarter valued at $474,403,000. Holocene Advisors LP raised its holdings in Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after buying an additional 1,923,109 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after buying an additional 2,225,895 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Reddit by 10.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after buying an additional 153,282 shares during the last quarter.

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.