Reddit (NYSE:RDDT) Given New $190.00 Price Target at Bank of America

Reddit (NYSE:RDDT) had its target price raised by Bank of America from $180.00 to $190.00 in a research report report published on Thursday,Benzinga reports. The firm currently has a neutral rating on the stock.

RDDT has been the topic of a number of other research reports. Jefferies Financial Group raised their target price on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Sanford C. Bernstein lifted their price objective on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. Raymond James upped their target price on Reddit from $200.00 to $250.00 and gave the company a “strong-buy” rating in a research note on Monday, February 10th. Robert W. Baird raised their price target on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Morgan Stanley upped their price objective on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $175.45.

Reddit Price Performance

NYSE RDDT opened at $196.37 on Thursday. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The business has a fifty day moving average of $182.33 and a 200-day moving average of $119.28.

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

Insider Activity

In related news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the sale, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at $261,642,377.21. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible 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 stock was sold at an average price of $141.79, for a total transaction of $1,985,060.00. Following the completion of the transaction, the chief executive officer now owns 634,971 shares in the company, valued at $90,032,538.09. This represents a 2.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 245,357 shares of company stock worth $39,357,388 over the last 90 days.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Ridgewood Investments LLC lifted its position in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the last quarter. Proficio Capital Partners LLC lifted its holdings in Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after buying an additional 120 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after acquiring an additional 147 shares during the last quarter. UMB Bank n.a. raised its position in shares of Reddit by 10.8% during the 4th 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 raised its position in shares of Reddit by 3.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock valued at $870,000 after acquiring an additional 155 shares in 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.