Reddit (NYSE:RDDT) Price Target Raised to $175.00

Reddit (NYSE:RDDT) had its price target boosted by stock analysts at Jefferies Financial Group from $120.00 to $175.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s target price would suggest a potential upside of 22.87% from the stock’s current price.

Several other analysts have also issued reports on RDDT. JPMorgan Chase & Co. increased their price target on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Roth Mkm lifted their target price on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Loop Capital upped their price target on shares of Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, October 25th. The Goldman Sachs Group lifted their price target on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Finally, B. Riley restated a “buy” rating and issued a $112.00 price objective (up from $87.00) on shares of Reddit in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $98.17.

Reddit Trading Down 2.9 %

Shares of NYSE RDDT traded down $4.24 during trading hours on Monday, hitting $142.43. The company had a trading volume of 3,276,573 shares, compared to its average volume of 4,998,465. The firm’s 50 day moving average is $92.06 and its 200-day moving average is $71.54. Reddit has a 1-year low of $37.35 and a 1-year high of $158.49.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. On average, equities research analysts anticipate that Reddit will post -3.63 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value of $2,704,885.14. Following the sale, the insider now directly owns 138,401 shares of the company’s stock, valued at $20,214,850.06. This trade represents a 11.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Michelle Marie Reynolds sold 8,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $60.00, for a total transaction of $480,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 66,238 shares in the company, valued at $3,974,280. The trade was a 10.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 306,520 shares of company stock worth $27,251,297 in the last three months.

Institutional Trading of Reddit

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Sanctuary Advisors LLC bought a new position in Reddit during the 3rd quarter valued at approximately $144,000. SOA Wealth Advisors LLC. raised its position in shares of Reddit by 56.3% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after acquiring an additional 691 shares in the last quarter. Geode Capital Management LLC grew its stake in Reddit by 176.0% in the third quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock worth $54,355,000 after purchasing an additional 525,619 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of Reddit during the 3rd quarter valued at $495,000. Finally, MML Investors Services LLC increased its position in Reddit by 12.0% during the 3rd quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock valued at $467,000 after buying an additional 757 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.