Raymond James Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price target upped by Raymond James from $150.00 to $200.00 in a research report released on Tuesday,Benzinga reports. Raymond James currently has a strong-buy rating on the stock.

RDDT has been the topic of several other research reports. Wells Fargo & Company started coverage on Reddit in a report on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price objective on the stock. Piper Sandler boosted their price objective on Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research report on Tuesday, January 14th. Bank of America increased their price objective on Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a research note on Wednesday, January 8th. Sanford C. Bernstein lifted their target price on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. Finally, Guggenheim initiated coverage on shares of Reddit in a research report on Friday, December 20th. They set a “buy” rating and a $210.00 price target for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $154.25.

Reddit Stock Up 7.7 %

Shares of RDDT opened at $188.74 on Tuesday. Reddit has a 1-year low of $37.35 and a 1-year high of $191.00. The firm’s 50 day simple moving average is $158.98 and its 200 day simple moving average is $101.53.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company’s quarterly revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts anticipate that Reddit will post -3.48 EPS for the current year.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total value of $2,419,060.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $106,161,139.26. This trade represents a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total value of $5,797,782.62. Following the sale, the chief operating officer now directly owns 1,504,297 shares in the company, valued at $261,642,377.21. This trade represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 259,357 shares of company stock valued at $39,528,738.

Institutional Trading of Reddit

Large investors have recently made changes to their positions in the stock. FMR LLC boosted its position in Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. bought a new position in shares of Reddit in the 3rd quarter worth approximately $474,403,000. Holocene Advisors LP boosted its holdings in shares of Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after buying an additional 1,923,109 shares during the last quarter. Point72 Asset Management L.P. grew its position in Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after buying an additional 2,225,895 shares during the period. Finally, Lord Abbett & CO. LLC increased its holdings in Reddit by 1,519.4% during the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after buying an additional 1,548,450 shares during 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.