Reddit (NYSE:RDDT) Given New $210.00 Price Target at Morgan Stanley

Reddit (NYSE:RDDT) had its price objective boosted by Morgan Stanley from $200.00 to $210.00 in a report released on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also recently weighed in on RDDT. Loop Capital lifted their target price on Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Bank of America lifted their price objective on Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a report on Wednesday, January 8th. Robert W. Baird boosted their price objective on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday. Needham & Company LLC raised their target price on Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $175.45.

Reddit Stock Down 5.1 %

Shares of NYSE RDDT opened at $205.50 on Thursday. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41. The business’s 50 day moving average is $180.60 and its two-hundred day moving average is $117.29.

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

Insider Activity

In other news, CTO Christopher Brian Slowe sold 21,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.01, for a total transaction of $3,066,210.00. Following the sale, the chief technology officer now directly owns 297,925 shares of the company’s stock, valued at $43,500,029.25. This represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $197,635,015.41. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 245,357 shares of company stock worth $39,357,388.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RDDT. Truist Financial Corp acquired a new position in shares of Reddit during the second quarter valued at $266,000. Claro Advisors LLC bought a new stake in Reddit during the 3rd quarter worth about $2,557,000. Raymond James & Associates lifted its position in Reddit by 60.3% during the 3rd quarter. Raymond James & Associates now owns 68,374 shares of the company’s stock valued at $4,507,000 after purchasing an additional 25,733 shares during the period. TB Alternative Assets Ltd. bought a new position in shares of Reddit in the 3rd quarter valued at about $2,003,000. Finally, Whittier Trust Co. acquired a new stake in shares of Reddit during the 3rd quarter worth approximately $42,000.

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.