Reddit (NYSE:RDDT) Price Target Raised to $180.00

Reddit (NYSE:RDDT) had its target price upped by Bank of America from $99.00 to $180.00 in a research report released on Wednesday morning,Benzinga reports. Bank of America currently has a neutral rating on the stock.

Other equities analysts also recently issued reports about the stock. Morgan Stanley raised shares of Reddit from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $70.00 to $200.00 in a report on Monday, December 9th. Citigroup boosted their price target on shares of Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Loop Capital upped their price objective on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. B. Riley reissued a “buy” rating and set a $112.00 target price (up previously from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 target price (up from $115.00) on shares of Reddit in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $136.75.

Reddit Price Performance

NYSE:RDDT opened at $167.48 on Wednesday. Reddit has a one year low of $37.35 and a one year high of $187.69. The firm has a 50-day moving average of $153.44 and a 200-day moving average of $96.74.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The firm’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, sell-side analysts expect that Reddit will post -3.46 EPS for the current year.

Insider Activity

In other news, CFO Andrew Vollero sold 19,838 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $143.22, for a total value of $2,841,198.36. Following the sale, the chief financial officer now directly owns 703,615 shares of the company’s stock, valued at approximately $100,771,740.30. This represents a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $75.43, for a total transaction of $1,056,020.00. Following the transaction, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at approximately $49,163,388.25. This represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 264,357 shares of company stock valued at $35,297,700 over the last quarter.

Institutional Trading of Reddit

Institutional investors and hedge funds have recently bought and sold shares of the company. Ridgewood Investments LLC boosted its position in shares of Reddit by 100.0% during the 4th 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. Whittier Trust Co. bought a new stake in Reddit during the third quarter valued at approximately $42,000. Daiwa Securities Group Inc. purchased a new position in Reddit in the 3rd quarter worth approximately $85,000. SOA Wealth Advisors LLC. increased its holdings in shares of Reddit by 56.3% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after buying an additional 691 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Reddit during the 3rd quarter valued at $144,000.

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.