Reddit (NYSE:RDDT) Price Target Raised to $190.00

Reddit (NYSE:RDDT) had its target price hoisted by JMP Securities from $160.00 to $190.00 in a research note issued to investors on Monday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. The Goldman Sachs Group increased their target price on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. Wells Fargo & Company assumed coverage on Reddit in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price objective for the company. Guggenheim started coverage on Reddit in a research report on Friday, December 20th. They set a “buy” rating and a $210.00 price objective on the stock. Citigroup raised their target price on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, Robert W. Baird boosted their price target on shares of Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. One analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $159.70.

Reddit Trading Up 3.6 %

Shares of RDDT stock opened at $201.68 on Monday. Reddit has a 12 month low of $37.35 and a 12 month high of $205.57. The stock has a 50 day moving average of $165.55 and a 200-day moving average of $106.33.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s revenue was up 67.9% on a year-over-year basis. As a group, sell-side analysts expect that Reddit will post -3.48 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In related news, Director Mary Porter Gale sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $114.40, for a total value of $572,000.00. Following the completion of the sale, the director now owns 46,459 shares of the company’s stock, valued at $5,314,909.60. This trade represents a 9.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $113.13, for a total transaction of $1,583,820.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares of the company’s stock, valued at $73,735,305.75. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 264,357 shares of company stock worth $40,449,488.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ridgewood Investments LLC lifted its stake in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. acquired a new position in Reddit during the 4th quarter valued at about $33,000. Spire Wealth Management acquired a new position in Reddit during the 4th quarter valued at about $35,000. Whittier Trust Co. bought a new position in shares of Reddit in the 3rd quarter valued at about $42,000. Finally, Blue Trust Inc. acquired a new stake in shares of Reddit during the 4th quarter worth approximately $59,000.

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.