Reddit (NYSE:RDDT) Stock Price Expected to Rise, B. Riley Analyst Says

Reddit (NYSE:RDDT) had its target price raised by investment analysts at B. Riley from $112.00 to $187.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley’s price target would indicate a potential upside of 15.51% from the stock’s current price.

Several other brokerages also recently weighed in on RDDT. The Goldman Sachs Group increased their target price on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday. Raymond James boosted their target price on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 10th. Needham & Company LLC upped their target price on shares of Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Guggenheim began coverage on shares of Reddit in a research report on Friday, December 20th. They issued a “buy” rating and a $210.00 price target on the stock. Finally, Morgan Stanley raised shares of Reddit from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $70.00 to $200.00 in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $148.25.

Reddit Stock Down 1.7 %

Reddit stock traded down $2.76 during trading hours on Tuesday, reaching $161.89. 2,093,275 shares of the company were exchanged, compared to its average volume of 4,716,993. Reddit has a 12 month low of $37.35 and a 12 month high of $187.69. The stock has a 50-day moving average of $154.55 and a 200 day moving average of $97.94.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. Equities analysts expect that Reddit will post -3.46 earnings per share for the current year.

Insider Buying and Selling at Reddit

In related news, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares in the company, valued at approximately $265,102,260.31. This trade represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $113.13, for a total value of $1,583,820.00. Following the transaction, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at approximately $73,735,305.75. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 250,357 shares of company stock worth $34,241,680.

Institutional Trading of Reddit

A number of institutional investors have recently made changes to their positions in the business. Ridgewood Investments LLC grew its position in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares during the period. Whittier Trust Co. bought a new position in Reddit during the third quarter worth about $42,000. Daiwa Securities Group Inc. acquired a new position in Reddit during the third quarter worth approximately $85,000. AdvisorNet Financial Inc raised its stake in Reddit by 41.9% in the fourth quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after buying an additional 201 shares during the period. Finally, SOA Wealth Advisors LLC. lifted its position in shares of Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after buying an additional 691 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.