Reddit (NYSE:RDDT) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Reddit (NYSE:RDDT) had its price target hoisted by The Goldman Sachs Group from $105.00 to $176.00 in a report published on Tuesday,Benzinga reports. They currently have a neutral rating on the stock.

Several other research analysts also recently issued reports on RDDT. Raymond James upped their price target on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 10th. 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. Sanford C. Bernstein boosted 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. Citigroup raised their price objective on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, Robert W. Baird lifted their target price on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average target price of $148.25.

Reddit Trading Up 0.2 %

Reddit stock opened at $165.04 on Tuesday. Reddit has a 12-month low of $37.35 and a 12-month high of $187.69. The business’s 50-day moving average price is $155.39 and its two-hundred day moving average price is $98.65.

Reddit (NYSE:RDDT) last posted 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. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Reddit’s revenue was up 67.9% on a year-over-year basis. As a group, equities research analysts forecast that Reddit will post -3.46 EPS for the current year.

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $113.13, for a total value of $1,583,820.00. Following the completion of the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at $73,735,305.75. This trade represents a 2.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $176.23, for a total value of $5,874,274.59. Following the completion of the sale, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at $265,102,260.31. The trade was a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 217,023 shares of company stock worth $31,699,295 in the last quarter.

Institutional Investors Weigh In On Reddit

A number of hedge funds have recently added to or reduced their stakes in RDDT. Ridgewood Investments LLC raised its position in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the period. Whittier Trust Co. bought a new stake in Reddit during the 3rd quarter valued at $42,000. Daiwa Securities Group Inc. acquired a new position in Reddit during the third quarter worth $85,000. AdvisorNet Financial Inc lifted its stake in shares of Reddit by 41.9% in the fourth quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after buying an additional 201 shares in the last quarter. Finally, SOA Wealth Advisors LLC. lifted its stake in shares of Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after buying an additional 691 shares in the last quarter.

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.