Reddit (NYSE:RDDT) Price Target Raised to $220.00 at Needham & Company LLC

Reddit (NYSE:RDDT) had its price objective lifted by Needham & Company LLC from $190.00 to $220.00 in a report issued on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

RDDT has been the topic of a number of other research reports. Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. Jefferies Financial Group boosted their price objective on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Roth Mkm cut Reddit from a “buy” rating to a “neutral” rating and increased their target price for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Raymond James boosted their price target on Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a report on Monday. Finally, Sanford C. Bernstein upped their price target on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $175.45.

Reddit Stock Down 5.1 %

RDDT stock opened at $205.50 on Thursday. The business’s 50-day moving average price is $180.60 and its 200-day moving average price is $117.29. Reddit has a twelve month low of $37.35 and a twelve month high of $230.41.

Reddit (NYSE:RDDT) last released its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. On average, analysts expect that Reddit will post -3.45 EPS for the current fiscal year.

Insider Activity at Reddit

In other news, CFO Andrew Vollero sold 19,838 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $143.22, for a total value of $2,841,198.36. Following the sale, the chief financial officer now directly owns 703,615 shares in the company, valued at approximately $100,771,740.30. This represents a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $141.79, for a total value of $1,985,060.00. Following the transaction, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 245,357 shares of company stock worth $39,357,388.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently bought and sold shares of the business. Ridgewood Investments LLC increased its stake in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the period. Proficio Capital Partners LLC increased its position in shares of Reddit by 2.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after acquiring an additional 120 shares during the period. Farther Finance Advisors LLC increased its position in shares of Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock worth $40,000 after acquiring an additional 147 shares during the period. UMB Bank n.a. raised its stake in shares of Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after acquiring an additional 150 shares in the last quarter. Finally, Foundations Investment Advisors LLC boosted its holdings in shares of Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock valued at $870,000 after purchasing an additional 155 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.