Robert W. Baird Increases Reddit (NYSE:RDDT) Price Target to $59.00

Reddit (NYSE:RDDT) had its price target boosted by equities researchers at Robert W. Baird from $50.00 to $59.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock.

Other research analysts also recently issued reports about the company. Piper Sandler started coverage on Reddit in a research note on Monday, April 15th. They set an “overweight” rating and a $50.00 price target on the stock. The Goldman Sachs Group began coverage on Reddit in a research report on Monday, April 15th. They set a “neutral” rating and a $40.00 target price on the stock. Morgan Stanley initiated coverage on shares of Reddit in a research report on Monday, April 15th. They issued an “equal weight” rating and a $45.00 price target for the company. Roth Mkm initiated coverage on shares of Reddit in a report on Monday, April 15th. They set a “buy” rating and a $50.00 price objective on the stock. Finally, Bank of America assumed coverage on shares of Reddit in a report on Tuesday, April 16th. They set a “neutral” rating and a $46.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of 51.33.

Reddit Stock Up 2.3 %

Shares of NYSE RDDT opened at 49.40 on Wednesday. Reddit has a 52-week low of 37.35 and a 52-week high of 74.90.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The business had revenue of 243.00 million for the quarter, compared to analyst estimates of 213.99 million. During the same period last year, the firm earned ($1.05) EPS. The company’s revenue for the quarter was up 48.4% on a year-over-year basis. As a group, analysts anticipate that Reddit will post -7.09 earnings per share for the current year.

Insider Transactions at Reddit

In other Reddit news, Director David C. Habiger acquired 3,000 shares of Reddit stock in a transaction that occurred on Monday, March 25th. The stock was acquired at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the purchase, the director now owns 24,906 shares of the company’s stock, valued at 846,804. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 97,965.90. Following the sale, the chief accounting officer now directly owns 96,413 shares of the company’s stock, valued at 3,114,139.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David C. Habiger acquired 3,000 shares of the stock in a transaction dated Monday, March 25th. The shares were bought at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the transaction, the director now owns 24,906 shares in the company, valued at approximately 846,804. The disclosure for this purchase can be found here. Insiders sold 1,084,798 shares of company stock worth $35,038,975 over the last quarter.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RDDT. ANTIPODES PARTNERS Ltd purchased a new position in shares of Reddit during the first quarter worth approximately $63,000. SG Americas Securities LLC bought a new position in shares of Reddit during the 1st quarter valued at $265,000. BNP Paribas Financial Markets purchased a new position in Reddit in the 1st quarter worth $37,000. Commonwealth Equity Services LLC bought a new stake in Reddit in the first quarter worth $1,111,000. Finally, Global Retirement Partners LLC purchased a new stake in Reddit during the first quarter valued at about $27,000.

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.