Reddit (NYSE:RDDT) Price Target Raised to $200.00

Reddit (NYSE:RDDT) had its price objective raised by Raymond James from $150.00 to $200.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has a strong-buy rating on the stock.

Several other equities analysts have also recently weighed in on the stock. B. Riley raised their target price on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Wells Fargo & Company assumed coverage on Reddit in a report on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 target price on the stock. Bank of America raised their price target on Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a report on Wednesday, January 8th. Guggenheim initiated coverage on Reddit in a report on Friday, December 20th. They set a “buy” rating and a $210.00 price objective on the stock. Finally, Robert W. Baird boosted their price target on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $158.20.

Reddit Trading Down 1.2 %

RDDT opened at $181.55 on Tuesday. The company has a 50 day simple moving average of $161.24 and a two-hundred day simple moving average of $102.91. Reddit has a 1-year low of $37.35 and a 1-year high of $191.00.

Reddit (NYSE:RDDT) last issued 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. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The company’s revenue was up 67.9% compared to the same quarter last year. On average, equities research analysts expect that Reddit will post -3.48 EPS for the current year.

Insider Activity

In other Reddit news, Director Mary Porter Gale sold 5,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $114.40, for a total value of $572,000.00. Following the transaction, the director now directly owns 46,459 shares in the company, valued at $5,314,909.60. This represents a 9.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $125.98, for a total value of $1,763,720.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $82,110,614.50. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 259,357 shares of company stock valued at $39,528,738.

Institutional Investors Weigh In On Reddit

Large investors have recently modified their holdings of the business. Ridgewood Investments LLC raised its holdings in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Whittier Trust Co. purchased a new position in shares of Reddit in the 3rd quarter worth approximately $42,000. Blue Trust Inc. bought a new position in shares of Reddit during the 4th quarter worth approximately $59,000. New Wave Wealth Advisors LLC purchased a new stake in Reddit during the fourth quarter valued at approximately $69,000. Finally, Daiwa Securities Group Inc. acquired a new stake in Reddit in the third quarter valued at approximately $85,000.

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.