Reddit (NYSE:RDDT) Price Target Increased to $70.00 by Analysts at Piper Sandler

Reddit (NYSE:RDDT) had its price target raised by Piper Sandler from $65.00 to $70.00 in a research report released on Wednesday, Benzinga reports. They currently have an overweight rating on the stock.

RDDT has been the topic of several other reports. Roth Mkm raised their price target on Reddit from $61.00 to $67.00 and gave the stock a buy rating in a research report on Friday, July 26th. Robert W. Baird upped their price objective on shares of Reddit from $50.00 to $59.00 and gave the company a neutral rating in a research note on Wednesday, May 8th. Loop Capital raised Reddit from a hold rating to a buy rating and set a $75.00 target price on the stock in a research note on Thursday, August 1st. Morgan Stanley upped their price target on Reddit from $63.00 to $70.00 and gave the company an equal weight rating in a research report on Tuesday, July 23rd. Finally, Needham & Company LLC increased their price objective on Reddit from $63.00 to $75.00 and gave the stock a buy rating in a report on Tuesday, June 18th. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $65.56.

Reddit Price Performance

RDDT stock opened at $52.91 on Wednesday. The business has a 50 day moving average of $63.12. Reddit has a one year low of $37.35 and a one year high of $78.08.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to the consensus estimate of $253.86 million. The company’s revenue for the quarter was up 53.6% on a year-over-year basis. During the same period last year, the firm earned ($0.70) EPS. As a group, equities research analysts forecast that Reddit will post -4.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Michelle Marie Reynolds sold 6,618 shares of the 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 sale, the chief accounting officer now directly owns 89,795 shares of the company’s stock, valued at $5,292,517.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Reddit news, insider Benjamin Seong Lee sold 20,034 shares of the business’s 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 sale, the insider now directly owns 259,312 shares in the company, valued at approximately $15,283,849.28. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Michelle Marie Reynolds sold 6,618 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $58.94, for a total value of $390,064.92. Following the transaction, the chief accounting officer now directly owns 89,795 shares in the company, valued at $5,292,517.30. The disclosure for this sale can be found here. Insiders sold a total of 192,689 shares of company stock worth $11,357,090 in the last three months.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale purchased a new position in Reddit during the first quarter valued at $7,363,000. Commonwealth Equity Services LLC bought a new stake in Reddit during the 1st quarter worth approximately $1,111,000. BNP Paribas Financial Markets purchased a new position in shares of Reddit during the 1st quarter valued at $37,000. Vanguard Group Inc. purchased a new position in shares of Reddit during the 1st quarter valued at $82,167,000. Finally, Bamco Inc. NY bought a new position in Reddit in the 1st quarter worth $14,796,000.

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.