Reddit (NYSE:RDDT) Given New $220.00 Price Target at Citigroup

Reddit (NYSE:RDDT) had its target price boosted by Citigroup from $200.00 to $220.00 in a report issued on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also issued research reports about the company. Robert W. Baird lifted their target price on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday. Seaport Res Ptn upgraded Reddit to a “hold” rating in a report on Thursday, February 6th. Wells Fargo & Company boosted their target price on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday. JMP Securities raised their price target on shares of Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a report on Thursday. Finally, Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $175.45.

Reddit Price Performance

Shares of RDDT stock opened at $205.50 on Thursday. Reddit has a one year low of $37.35 and a one year high of $230.41. The company’s 50-day moving average is $180.60 and its 200 day moving average is $117.29.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating 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%. Analysts predict that Reddit will post -3.45 earnings per share for the current year.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $124,083,012.24. The trade was a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction 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 sale, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at approximately $197,635,015.41. This trade represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 245,357 shares of company stock valued at $39,357,388.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Jennison Associates LLC bought a new stake in Reddit during the fourth quarter valued at about $494,861,000. Renaissance Capital LLC grew its position in shares of Reddit by 14.2% during the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after purchasing an additional 3,892 shares in the last quarter. ARK Investment Management LLC raised its stake in Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after purchasing an additional 192,785 shares during the period. Wellington Management Group LLP raised its stake in Reddit by 3,640.5% during the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after purchasing an additional 248,499 shares during the period. Finally, Newbridge Financial Services Group Inc. lifted its holdings in Reddit by 666.7% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company’s stock worth $376,000 after purchasing an additional 2,000 shares in 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.