Reddit (NYSE:RDDT) Given New $250.00 Price Target at Raymond James

Reddit (NYSE:RDDT) had its target price upped by Raymond James from $200.00 to $250.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a strong-buy rating on the stock.

A number of other research analysts also recently commented on the company. Loop Capital boosted their target price on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Needham & Company LLC boosted their price target on Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Citigroup raised their price objective on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Morgan Stanley raised shares of Reddit from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $70.00 to $200.00 in a research report on Monday, December 9th. Finally, The Goldman Sachs Group increased their price target on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $162.20.

Reddit Price Performance

Shares of NYSE:RDDT opened at $224.67 on Monday. Reddit has a 12-month low of $37.35 and a 12-month high of $230.41. The firm has a fifty day moving average of $176.42 and a two-hundred day moving average of $114.38.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $82,110,614.50. The trade was a 2.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $197,635,015.41. This trade represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 259,357 shares of company stock worth $41,121,108.

Hedge Funds Weigh In On Reddit

A number of institutional investors have recently bought and sold shares of RDDT. Jennison Associates LLC acquired a new stake in shares of Reddit during the 4th quarter worth about $494,861,000. Renaissance Capital LLC raised its holdings in Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after acquiring an additional 3,892 shares during the period. ARK Investment Management LLC lifted its position in Reddit by 120.5% during the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after acquiring an additional 192,785 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Reddit by 3,640.5% during the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after acquiring an additional 248,499 shares during the period. Finally, Victory Capital Management Inc. grew its position in shares of Reddit by 903.8% in the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock valued at $33,231,000 after purchasing an additional 453,894 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.