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

Reddit (NYSE:RDDT) had its price objective lifted by Roth Mkm from $61.00 to $67.00 in a research note issued on Friday, MarketBeat.com reports. The firm currently has a “buy” rating on the stock.

RDDT has been the subject of a number of other research reports. Loop Capital downgraded Reddit from a “buy” rating to a “hold” rating and set a $75.00 price objective for the company. in a report on Tuesday, July 16th. Bank of America began coverage on Reddit in a report on Tuesday, April 16th. They set a “neutral” rating and a $46.00 price target on the stock. Raymond James initiated coverage on shares of Reddit in a report on Monday, April 15th. They issued a “strong-buy” rating and a $50.00 price objective on the stock. Citigroup upped their target price on shares of Reddit from $65.00 to $70.00 and gave the company a “buy” rating in a report on Friday, May 17th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Reddit from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of 63.47.

Reddit Trading Down 0.4 %

Reddit stock traded down 0.22 during mid-day trading on Friday, reaching 61.84. 664,106 shares of the company’s stock were exchanged, compared to its average volume of 4,506,717. Reddit has a one year low of 37.35 and a one year high of 78.08. The business has a fifty day simple moving average of 63.14.

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

Insider Activity

In related news, CFO Andrew Vollero sold 50,580 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,981,185.20. Following the completion of the sale, the chief financial officer now directly owns 631,080 shares of the company’s stock, valued at approximately 37,195,855.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Andrew Vollero sold 50,580 shares of Reddit stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 2,981,185.20. Following the completion of the sale, the chief financial officer now owns 631,080 shares in the company, valued at approximately 37,195,855.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Benjamin Seong Lee sold 20,034 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 1,180,803.96. Following the completion of the transaction, the insider now owns 259,312 shares in the company, valued at approximately 15,283,849.28. The disclosure for this sale can be found here. Insiders have sold a total of 192,689 shares of company stock valued at $11,357,090 in the last quarter.

Institutional Trading of Reddit

Several large investors have recently added to or reduced their stakes in RDDT. Global Retirement Partners LLC acquired a new stake in shares of Reddit in the first quarter valued at $27,000. BNP Paribas Financial Markets acquired a new stake in Reddit during the 1st quarter worth approximately $37,000. SOA Wealth Advisors LLC. bought a new position in Reddit in the second quarter valued at approximately $78,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of Reddit in the first quarter valued at approximately $63,000. Finally, Sandia Investment Management LP acquired a new stake in shares of Reddit in the first quarter valued at approximately $79,000.

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.