Reddit (NYSE:RDDT) Price Target Raised to $175.00

Reddit (NYSE:RDDT) had its price target upped by Jefferies Financial Group from $120.00 to $175.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms have also recently issued reports on RDDT. Needham & Company LLC increased their price target on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Bank of America increased their target price on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price target on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. Cannonball Research assumed coverage on shares of Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective on the stock. Finally, B. Riley reaffirmed a “buy” rating and issued a $112.00 target price (up from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $98.17.

Reddit Price Performance

Shares of NYSE RDDT opened at $140.04 on Monday. Reddit has a twelve month low of $37.35 and a twelve month high of $158.49. The firm has a fifty day simple moving average of $96.72 and a 200 day simple moving average of $73.23.

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

Insider Activity

In related news, CEO Steve Ladd Huffman sold 6,714 shares of the company’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 value of $401,765.76. Following the transaction, the chief executive officer now owns 658,352 shares in the company, valued at approximately $39,395,783.68. This represents a 1.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Vollero sold 11,287 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total value of $722,368.00. Following the transaction, the chief financial officer now directly owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. This trade represents a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 318,358 shares of company stock valued at $29,612,496 in the last ninety days.

Institutional Investors Weigh In On Reddit

Institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets purchased a new stake in shares of Reddit during the first quarter worth $37,000. Vanguard Group Inc. purchased a new stake in Reddit during the 1st quarter worth about $82,167,000. Price T Rowe Associates Inc. MD bought a new position in Reddit in the 1st quarter worth about $37,015,000. Janus Henderson Group PLC purchased a new position in Reddit during the 1st quarter valued at about $741,000. Finally, Rokos Capital Management LLP bought a new stake in shares of Reddit during the first quarter valued at about $370,000.

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.