Reddit (NYSE:RDDT) Given New $210.00 Price Target at Loop Capital

Reddit (NYSE:RDDT) had its target price raised by equities researchers at Loop Capital from $180.00 to $210.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Loop Capital’s price objective indicates a potential upside of 2.19% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday. Piper Sandler reissued an “overweight” rating and issued a $210.00 price target (up previously from $197.00) on shares of Reddit in a report on Thursday. Robert W. Baird upped their price objective on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday. The Goldman Sachs Group increased their price objective on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Finally, Sanford C. Bernstein boosted their target price on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $175.45.

Reddit Stock Down 5.1 %

NYSE RDDT traded down $10.97 during trading hours on Thursday, reaching $205.50. 21,053,064 shares of the company’s stock were exchanged, compared to its average volume of 5,606,817. The firm has a fifty day moving average of $180.60 and a 200-day moving average of $117.29. Reddit has a one year low of $37.35 and a one year high of $230.41.

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

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $124,083,012.24. This trade represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Andrew Vollero sold 19,838 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer now owns 703,615 shares of the company’s stock, valued at $100,771,740.30. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 259,357 shares of company stock worth $41,121,108.

Institutional Investors Weigh In On Reddit

Several large investors have recently made changes to their positions in the stock. Jennison Associates LLC bought a new stake in Reddit in the 4th quarter valued at $494,861,000. Renaissance Capital LLC raised its stake in shares of Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after purchasing an additional 3,892 shares during the period. ARK Investment Management LLC lifted its holdings in shares of Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after purchasing an additional 192,785 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Reddit by 3,640.5% during the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after buying an additional 248,499 shares during the period. Finally, Newbridge Financial Services Group Inc. boosted its position in shares of Reddit by 666.7% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company’s stock worth $376,000 after buying an additional 2,000 shares during the period.

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.