Reddit (NYSE:RDDT) Price Target Raised to $175.00 at Jefferies Financial Group

Reddit (NYSE:RDDT) had its target price hoisted by Jefferies Financial Group from $120.00 to $175.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other research analysts have also recently issued research reports about the company. Cannonball Research started coverage on Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price on the stock. Loop Capital boosted their target price on Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. JMP Securities increased their price target on shares of Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research report on Monday. The Goldman Sachs Group boosted their price objective on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Finally, Bank of America lifted their target price on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $98.17.

Reddit Stock Performance

Reddit stock opened at $140.04 on Monday. The business has a 50-day simple moving average of $96.72 and a 200 day simple moving average of $73.23. Reddit has a 52 week low of $37.35 and a 52 week high of $158.49.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit’s revenue for the quarter was up 67.9% on a year-over-year basis. Analysts forecast that Reddit will post -3.63 EPS for the current fiscal year.

Insider Activity

In related news, CFO Andrew Vollero sold 11,287 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total transaction of $722,368.00. Following the transaction, the chief financial officer now owns 840,379 shares in the company, valued at $53,784,256. The trade was a 1.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 18,519 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the completion of the transaction, the insider now directly owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. The trade was a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 318,358 shares of company stock valued at $29,612,496.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in RDDT. ARK Investment Management LLC grew its position in shares of Reddit by 120.5% in the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after buying an additional 192,785 shares during the period. Victory Capital Management Inc. boosted its stake in Reddit by 903.8% during the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after acquiring an additional 453,894 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in Reddit in the first quarter worth about $7,363,000. Objective Capital Management LLC bought a new position in shares of Reddit during the third quarter valued at approximately $391,000. Finally, VY Capital Management Co. Ltd. purchased a new position in shares of Reddit during the third quarter valued at approximately $474,403,000.

Reddit Company Profile

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.