Reddit (NYSE:RDDT) Price Target Raised to $176.00 at The Goldman Sachs Group

Reddit (NYSE:RDDT) had its target price hoisted by The Goldman Sachs Group from $105.00 to $176.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

RDDT has been the topic of several other reports. Robert W. Baird lifted their price target on shares of Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 target price (up previously from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. B. Riley reissued a “buy” rating and set a $112.00 price target (up from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. Roth Mkm raised their price target on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Bank of America boosted their price target on Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $148.25.

Reddit Stock Up 0.2 %

RDDT stock opened at $165.04 on Tuesday. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $187.69. The business has a 50-day moving average of $155.39 and a 200-day moving average of $98.65.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The company’s revenue for the quarter was up 67.9% on a year-over-year basis. On average, equities analysts predict that Reddit will post -3.46 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were 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 owns 651,775 shares of the company’s stock, valued at $73,735,305.75. The trade was a 2.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Andrew Vollero sold 19,838 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the transaction, the chief financial officer now directly owns 703,615 shares in the company, valued at $100,771,740.30. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 217,023 shares of company stock valued at $31,699,295.

Hedge Funds Weigh In On Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ridgewood Investments LLC grew its holdings in shares of Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Whittier Trust Co. bought a new stake in Reddit during the third quarter worth about $42,000. AdvisorNet Financial Inc grew its stake in Reddit by 41.9% during the fourth quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock worth $111,000 after buying an additional 201 shares in the last quarter. Daiwa Securities Group Inc. bought a new position in Reddit in the 3rd quarter valued at about $85,000. Finally, 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 valued at $126,000 after buying an additional 691 shares in the last quarter.

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.