Reddit (NYSE:RDDT) Price Target Raised to $67.00 at Roth Mkm

Reddit (NYSE:RDDT) had its target price increased by Roth Mkm from $61.00 to $67.00 in a research report report published on Friday morning, MarketBeat reports. The firm currently has a buy rating on the stock.

Several other research firms have also recently issued reports on RDDT. Bank of America initiated coverage on shares of Reddit in a research note on Tuesday, April 16th. They set a neutral rating and a $46.00 target price on the stock. Sanford C. Bernstein raised their target price on shares of Reddit from $45.00 to $50.00 and gave the stock an underperform rating in a report on Monday, July 22nd. JMP Securities lifted their target price on shares of Reddit from $70.00 to $84.00 and gave the stock a market outperform rating in a research report on Tuesday, July 16th. Robert W. Baird increased their price target on Reddit from $50.00 to $59.00 and gave the company a neutral rating in a report on Wednesday, May 8th. Finally, Piper Sandler raised their price target on Reddit from $50.00 to $65.00 and gave the stock an overweight rating in a research note on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Reddit currently has a consensus rating of Moderate Buy and an average price target of 63.47.

Reddit Stock Up 0.5 %

Shares of RDDT opened at 62.36 on Friday. Reddit has a twelve month low of 37.35 and a twelve month high of 78.08. The firm’s 50 day moving average price is 63.15.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The business had revenue of 243.00 million during the quarter, compared to analyst estimates of 213.99 million. The company’s quarterly revenue was up 48.4% on a year-over-year basis. During the same period last year, the firm posted ($1.05) earnings per share. On average, sell-side analysts anticipate that Reddit will post -4.62 EPS for the current fiscal year.

Insider Transactions at Reddit

In related news, CAO Michelle Marie Reynolds sold 6,618 shares of Reddit stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total transaction of 390,064.92. Following the transaction, the chief accounting officer now owns 89,795 shares in the company, valued at approximately 5,292,517.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Reddit news, CEO Steve Ladd Huffman sold 42,299 shares of the stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total transaction of 2,493,103.06. Following the completion of the sale, the chief executive officer now directly owns 689,157 shares of the company’s stock, valued at approximately 40,618,913.58. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Michelle Marie Reynolds sold 6,618 shares of the business’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 390,064.92. Following the completion of the transaction, the chief accounting officer now directly owns 89,795 shares in the company, valued at approximately 5,292,517.30. The disclosure for this sale can be found here. Insiders sold a total of 192,689 shares of company stock valued at $11,357,090 over the last three months.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently bought and sold shares of the stock. Congress Park Capital LLC bought a new position in shares of Reddit during the 1st quarter valued at about $279,000. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Reddit in the first quarter worth about $2,057,000. Seven Grand Managers LLC bought a new position in Reddit during the first quarter valued at approximately $986,000. Global Retirement Partners LLC purchased a new position in Reddit during the 1st quarter valued at approximately $27,000. Finally, Commonwealth Equity Services LLC purchased a new position in Reddit during the 1st quarter valued at approximately $1,111,000.

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.