Bank of America Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price target hoisted by Bank of America from $99.00 to $180.00 in a research report released on Wednesday,Benzinga reports. Bank of America currently has a neutral rating on the stock.

RDDT has been the subject of several other reports. Loop Capital lifted their price objective on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Piper Sandler restated an “overweight” rating and issued a $150.00 target price (up previously from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. Sanford C. Bernstein upped their price target on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. increased their target price on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. Finally, Guggenheim initiated coverage on shares of Reddit in a research report on Friday, December 20th. They set a “buy” rating and a $210.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $136.75.

Reddit Trading Down 0.1 %

Shares of Reddit stock opened at $172.08 on Wednesday. The firm’s 50-day moving average is $151.29 and its two-hundred day moving average is $95.44. Reddit has a 1 year low of $37.35 and a 1 year high of $187.69.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The firm’s quarterly revenue was up 67.9% compared to the same quarter last year. Equities analysts expect that Reddit will post -3.46 EPS for the current fiscal year.

Insider Activity

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $76.27, for a total value of $2,542,384.18. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at $117,643,195.39. The trade was a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the sale, the chief technology officer now owns 30,068 shares in the company, valued at approximately $2,329,668.64. The trade was a 14.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 264,357 shares of company stock valued at $35,297,700.

Institutional Trading of Reddit

Institutional investors have recently bought and sold shares of the business. FMR LLC raised its stake in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after acquiring an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. acquired a new stake in shares of Reddit during the third quarter worth $474,403,000. Point72 Asset Management L.P. lifted its holdings in shares of Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after purchasing an additional 2,225,895 shares during the period. Holocene Advisors LP grew its position in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after buying an additional 1,923,109 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its stake in Reddit by 1,519.4% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after buying an additional 1,548,450 shares during the period.

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.