Reddit (NYSE:RDDT) PT Raised to $89.00 at Roth Mkm

by · The Markets Daily

Reddit (NYSE:RDDT – Get Free Report) had its price objective raised by analysts at Roth Mkm from $66.00 to $89.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Roth Mkm’s price objective indicates a potential upside of 13.00% from the stock’s current price.

Several other research firms have also recently issued reports on RDDT. Raymond James raised their target price on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. boosted their target price on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Piper Sandler upped their price target on shares of Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Morgan Stanley upped their price target on shares of Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Finally, Loop Capital upgraded shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $72.78.

View Our Latest Stock Report on Reddit

Reddit Stock Up 1.9 %

NYSE:RDDT traded up $1.47 during trading hours on Wednesday, reaching $78.76. 1,895,768 shares of the company’s stock were exchanged, compared to its average volume of 4,392,197. Reddit has a 1-year low of $37.35 and a 1-year high of $81.36. The company has a 50-day moving average of $64.13 and a 200 day moving average of $59.56.

Reddit (NYSE:RDDT – Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The business had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. During the same quarter last year, the business posted ($0.70) earnings per share. The business’s revenue was up 53.6% compared to the same quarter last year. Sell-side analysts predict that Reddit will post -4.1 EPS for the current year.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 6,714 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $59.84, for a total transaction of $401,765.76. Following the transaction, the chief executive officer now directly owns 658,352 shares of the company’s stock, valued at approximately $39,395,783.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Steve Ladd Huffman sold 6,714 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $59.84, for a total transaction of $401,765.76. Following the sale, the chief executive officer now directly owns 658,352 shares of the company’s stock, valued at approximately $39,395,783.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Michelle Marie Reynolds sold 12,000 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total value of $648,000.00. Following the sale, the chief accounting officer now directly owns 71,162 shares in the company, valued at approximately $3,842,748. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 385,327 shares of company stock worth $23,115,824 in the last 90 days.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently made changes to their positions in the stock. DekaBank Deutsche Girozentrale bought a new position in shares of Reddit in the first quarter valued at approximately $7,363,000. Commonwealth Equity Services LLC purchased a new position in shares of Reddit in the first quarter valued at $1,111,000. VY Capital Management Co. Ltd. bought a new position in Reddit in the 3rd quarter worth about $474,403,000. Claro Advisors LLC bought a new position in Reddit in the 3rd quarter worth about $2,557,000. Finally, BNP Paribas Financial Markets bought a new position in Reddit in the 1st quarter worth about $37,000.

Reddit Company Profile

(Get Free Report)

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.

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