Reddit (NYSE:RDDT) Price Target Raised to $220.00

Reddit (NYSE:RDDT) had its target price hoisted by Citigroup from $200.00 to $220.00 in a report issued on Thursday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

A number of other equities analysts have also recently weighed in on the company. JMP Securities increased their price target on Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a report on Thursday. Jefferies Financial Group increased their target price on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Bank of America boosted their price target on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday. Morgan Stanley upped their price objective on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Needham & Company LLC lifted their target price on shares of Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a report on Thursday. One 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’s stock. According to MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average target price of $175.45.

Reddit Trading Down 4.2 %

NYSE RDDT opened at $196.37 on Thursday. The business’s fifty day simple moving average is $182.33 and its 200-day simple moving average is $118.85. Reddit has a 52 week low of $37.35 and a 52 week high of $230.41.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. As a group, sell-side analysts forecast that Reddit will post -3.45 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $128.13, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $124,083,012.24. This trade represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 245,357 shares of company stock worth $39,357,388 over the last 90 days.

Hedge Funds Weigh In On Reddit

Several hedge funds have recently added to or reduced their stakes in RDDT. Plato Investment Management Ltd acquired a new position in shares of Reddit in the 4th quarter valued at $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit in the fourth quarter valued at $28,000. Ridgewood Investments LLC lifted its position in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. acquired a new position in Reddit in the fourth quarter valued at $33,000. Finally, Bogart Wealth LLC purchased a new position in shares of Reddit during the fourth quarter worth about $33,000.

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.