Reddit (NYSE:RDDT) Price Target Raised to $180.00

Reddit (NYSE:RDDT) had its target price boosted by equities researchers at Loop Capital from $120.00 to $180.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Loop Capital’s target price indicates a potential upside of 27.94% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Needham & Company LLC upped their price target on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Jefferies Financial Group increased their price target on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. JMP Securities boosted their price target on Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research report on Monday, November 25th. The Goldman Sachs Group increased their price objective on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Finally, Citigroup upped their price target on shares of Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.17.

Reddit Trading Up 0.5 %

Reddit stock opened at $140.69 on Monday. Reddit has a twelve month low of $37.35 and a twelve month high of $158.49. The company has a 50 day moving average of $99.72 and a 200-day moving average of $74.46.

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

Insiders Place Their Bets

In other news, CFO Andrew Vollero sold 19,838 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the transaction, the chief financial officer now owns 703,615 shares of the company’s stock, valued at approximately $100,771,740.30. The trade was a 2.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the sale, the chief technology officer now directly owns 30,068 shares in the company, valued at $2,329,668.64. This trade represents a 14.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 311,644 shares of company stock worth $29,210,730 over the last ninety days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. acquired a new stake in Reddit in the first quarter valued at approximately $82,167,000. Janus Henderson Group PLC bought a new stake in Reddit during the 1st quarter worth $741,000. Renaissance Capital LLC acquired a new position in Reddit in the 2nd quarter worth about $1,455,000. SOA Wealth Advisors LLC. bought a new position in Reddit in the second quarter valued at about $78,000. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of Reddit during the second quarter valued at about $19,876,000.

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.