Reddit (NYSE:RDDT) Price Target Raised to $75.00 at Loop Capital

Reddit (NYSE:RDDT) had its price target hoisted by Loop Capital from $60.00 to $75.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Loop Capital currently has a buy rating on the stock.

Other analysts also recently issued reports about the company. Robert W. Baird increased their price target on Reddit from $50.00 to $59.00 and gave the company a neutral rating in a research report on Wednesday, May 8th. Raymond James assumed coverage on shares of Reddit in a report on Monday, April 15th. They issued a strong-buy rating and a $50.00 price target on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Reddit from $62.00 to $65.00 and gave the stock a buy rating in a report on Friday, May 17th. Sanford C. Bernstein boosted their target price on shares of Reddit from $40.00 to $45.00 and gave the company an underperform rating in a research note on Wednesday, May 8th. Finally, Bank of America started coverage on shares of Reddit in a research note on Tuesday, April 16th. They set a neutral rating and a $46.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of 58.33.

Reddit Stock Up 0.1 %

NYSE RDDT opened at 73.62 on Wednesday. The company has a fifty day moving average of 57.23. Reddit has a 12 month low of 37.35 and a 12 month high of 74.90.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing the consensus estimate of -2.34 by -5.85. The firm had revenue of 243.00 million for the quarter, compared to the consensus estimate of 213.99 million. During the same period in the prior year, the company posted ($1.05) EPS. Reddit’s revenue was up 48.4% compared to the same quarter last year. Equities analysts expect that Reddit will post -4.71 EPS for the current year.

Insider Activity at Reddit

In other news, CAO Michelle Marie Reynolds sold 6,618 shares of the company’s 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 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 SEC, which is available at the SEC website. In related news, CFO Andrew Vollero sold 50,580 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 value of 2,981,185.20. Following the transaction, the chief financial officer now owns 631,080 shares of the company’s stock, valued at 37,195,855.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Michelle Marie Reynolds sold 6,618 shares of the firm’s stock in a transaction dated 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. Over the last 90 days, insiders sold 192,689 shares of company stock valued at $11,357,090.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Global Retirement Partners LLC purchased a new stake in shares of Reddit in the 1st quarter valued at $27,000. BNP Paribas Financial Markets bought a new position in shares of Reddit during the first quarter valued at about $37,000. ANTIPODES PARTNERS Ltd bought a new position in shares of Reddit during the first quarter valued at about $63,000. Sandia Investment Management LP purchased a new position in shares of Reddit in the first quarter worth about $79,000. Finally, SG Americas Securities LLC bought a new stake in shares of Reddit in the 1st quarter valued at about $265,000.

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.