Loop Capital Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its target price increased by Loop Capital from $120.00 to $180.00 in a report released on Monday morning,Benzinga reports. Loop Capital currently has a buy rating on the stock.

RDDT has been the subject of a number of other research reports. JMP Securities raised their price objective on shares of Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a report on Monday, November 25th. The Goldman Sachs Group raised their price target on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Piper Sandler reiterated an “overweight” rating and issued a $150.00 price objective (up previously from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. Bank of America increased their price objective on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Sanford C. Bernstein boosted their target price on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $103.17.

Reddit Stock Up 0.7 %

Shares of NYSE RDDT opened at $141.64 on Monday. The firm’s 50-day simple moving average is $99.72 and its 200 day simple moving average is $74.46. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $158.49.

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 the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to analysts’ expectations 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 for the quarter was up 67.9% on a year-over-year basis. Sell-side analysts forecast that Reddit will post -3.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $59.18, for a total transaction of $1,972,646.94. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $91,282,605.26. This represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin Seong Lee sold 18,519 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 138,401 shares in the company, valued at approximately $20,214,850.06. This represents a 11.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,644 shares of company stock worth $29,210,730 over the last ninety days.

Institutional Investors Weigh In On Reddit

A number of large investors have recently modified their holdings of the stock. Whittier Trust Co. bought a new stake in shares of Reddit in the 3rd quarter worth approximately $42,000. SOA Wealth Advisors LLC. purchased a new position in shares of Reddit during the 2nd quarter valued at $78,000. Daiwa Securities Group Inc. bought a new position in shares of Reddit in the third quarter worth about $85,000. UMB Bank n.a. bought a new position in shares of Reddit during the second quarter worth $88,000. Finally, Sanctuary Advisors LLC bought a new position in Reddit during the third quarter valued at approximately $144,000.

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.