Needham & Company LLC Boosts Reddit (NYSE:RDDT) Price Target to $190.00

Reddit (NYSE:RDDT) had its target price upped by equities researchers at Needham & Company LLC from $120.00 to $190.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target indicates a potential upside of 16.32% from the company’s previous close.

Other analysts have also issued reports about the company. Sanford C. Bernstein boosted their price objective on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their price objective on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Piper Sandler reissued an “overweight” rating and issued a $150.00 price objective (up from $115.00) on shares of Reddit in a report on Tuesday, November 19th. Loop Capital boosted their price objective on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Finally, Jefferies Financial Group boosted their price objective on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $124.42.

Reddit Stock Down 1.6 %

Shares of NYSE RDDT opened at $163.34 on Wednesday. Reddit has a 1 year low of $37.35 and a 1 year high of $180.74. The stock’s 50-day simple moving average is $115.99 and its 200-day simple moving average is $80.43.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The firm’s revenue was up 67.9% on a year-over-year basis. Research analysts forecast that Reddit will post -3.46 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other Reddit news, CFO Andrew Vollero sold 11,287 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the completion of the sale, the chief financial officer now directly owns 840,379 shares in the company, valued at $53,784,256. This represents a 1.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $59.19, for a total value of $828,660.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at $38,578,562.25. This trade represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 325,644 shares of company stock worth $31,195,790.

Institutional Investors Weigh In On Reddit

Institutional investors have recently added to or reduced their stakes in the company. ARK Investment Management LLC lifted its position in Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after purchasing an additional 192,785 shares during the period. Victory Capital Management Inc. lifted its position in Reddit by 903.8% in the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after purchasing an additional 453,894 shares during the period. Mission Creek Capital Partners Inc. acquired a new stake in Reddit in the third quarter worth approximately $7,490,000. Quadrature Capital Ltd acquired a new stake in Reddit in the third quarter worth approximately $3,801,000. Finally, Objective Capital Management LLC acquired a new stake in Reddit in the third quarter worth approximately $391,000.

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.