Reddit (NYSE:RDDT) Price Target Raised to $85.00

by · The Markets Daily

Reddit (NYSE:RDDT – Get Free Report) had its target price lifted by investment analysts at Sanford C. Bernstein from $65.00 to $85.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “underperform” rating on the stock. Sanford C. Bernstein’s price objective points to a potential downside of 26.95% from the company’s previous close.

RDDT has been the topic of a number of other research reports. Loop Capital boosted their price objective 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 restated a “market outperform” rating and set a $84.00 price objective on shares of Reddit in a research report on Tuesday, July 30th. Piper Sandler restated an “overweight” rating and set a $115.00 price objective (up previously from $70.00) on shares of Reddit in a research report on Wednesday. JPMorgan Chase & Co. boosted their price objective on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Finally, Morgan Stanley boosted their price objective on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. 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 given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.72.

Get Our Latest Research Report on RDDT

Reddit Trading Up 42.4 %

Shares of RDDT traded up $34.62 during midday trading on Wednesday, hitting $116.36. The company’s stock had a trading volume of 31,997,016 shares, compared to its average volume of 4,636,178. Reddit has a one year low of $37.35 and a one year high of $117.63. The company’s fifty day simple moving average is $66.61 and its two-hundred day simple moving average is $60.82.

Reddit (NYSE:RDDT – Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The company’s revenue for the quarter was up 67.9% on a year-over-year basis. Equities analysts anticipate that Reddit will post -4.05 EPS for the current fiscal year.

Insider Activity

In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total value of $648,000.00. Following the transaction, the chief accounting officer now directly owns 71,162 shares of the company’s stock, valued at $3,842,748. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Reddit news, CAO Michelle Marie Reynolds sold 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total transaction of $648,000.00. Following the completion of the sale, the chief accounting officer now directly owns 71,162 shares of the company’s stock, valued at approximately $3,842,748. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the completion of the transaction, the chief executive officer now directly owns 672,352 shares of the company’s stock, valued at approximately $36,293,560.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 390,327 shares of company stock valued at $23,503,224 in the last ninety days.

Institutional Investors Weigh In On Reddit

Several institutional investors have recently made changes to their positions in RDDT. Commonwealth Equity Services LLC purchased a new stake in shares of Reddit during the first quarter worth $1,111,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit during the first quarter worth $37,000. SG Americas Securities LLC purchased a new stake in shares of Reddit during the first quarter worth $265,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Reddit during the first quarter worth $63,000. Finally, Vanguard Group Inc. purchased a new stake in shares of Reddit during the first quarter worth $82,167,000.

About Reddit

(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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