Reddit (NYSE:RDDT) Stock Price Expected to Rise, Sanford C. Bernstein Analyst Says

Reddit (NYSE:RDDTGet Free Report) had its price objective upped by analysts at Sanford C. Bernstein from $65.00 to $85.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an “underperform” rating on the stock. Sanford C. Bernstein’s price objective would indicate a potential downside of 28.66% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Loop Capital increased their price target on Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, October 25th. B. Riley reiterated a “buy” rating and issued a $112.00 price target (up from $87.00) on shares of Reddit in a report on Wednesday. Piper Sandler reiterated an “overweight” rating and issued a $115.00 price target (up from $70.00) on shares of Reddit in a report on Wednesday. JPMorgan Chase & Co. increased their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. Finally, Raymond James increased their price target on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $89.72.

Check Out Our Latest Report on RDDT

Reddit Trading Up 2.7 %

Reddit stock opened at $119.15 on Wednesday. Reddit has a one year low of $37.35 and a one year high of $123.60. The stock has a fifty day moving average of $69.05 and a 200 day moving average of $61.61.

Reddit (NYSE:RDDTGet Free Report) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit’s revenue was up 67.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Reddit will post -4.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 50,000 shares of Reddit stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $65.01, for a total value of $3,250,500.00. Following the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at approximately $100,275,129.57. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, COO Jennifer L. Wong sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the transaction, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $100,275,129.57. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mary Porter Gale sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $52.73, for a total value of $790,950.00. Following the transaction, the director now owns 101,459 shares in the company, valued at approximately $5,349,933.07. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 390,327 shares of company stock worth $23,503,224.

Institutional Trading of Reddit

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RDDT. Commonwealth Equity Services LLC purchased a new stake in shares of Reddit during the first quarter worth $1,111,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit during the first quarter worth $37,000. SG Americas Securities LLC purchased a new stake in shares of Reddit during the first quarter worth $265,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Reddit during the first quarter worth $63,000. Finally, Vanguard Group Inc. purchased a new stake in shares of Reddit during the first quarter worth $82,167,000.

Reddit Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Reddit (NYSE:RDDT)

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