Shares of Reddit, Inc. (NYSE:RDDT – Get Free Report) reached a new 52-week high during trading on Tuesday after Raymond James raised their price target on the stock from $150.00 to $200.00. Raymond James currently has a strong-buy rating on the stock. Reddit traded as high as $191.00 and last traded at $189.50, with a volume of 5350168 shares changing hands. The stock had previously closed at $175.33.
Several other brokerages have also commented on RDDT. Roth Mkm increased their price objective on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price objective on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. Robert W. Baird increased their price objective on shares of Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. JMP Securities increased their price objective on shares of Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research report on Monday, November 25th. Finally, Needham & Company LLC increased their price objective on shares of Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $154.25.
Get Our Latest Research Report on RDDT
Insider Activity
Institutional Investors Weigh In On Reddit
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. 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. purchased a new stake in Reddit in the 3rd quarter valued at about $42,000. Daiwa Securities Group Inc. purchased a new stake in Reddit in the 3rd quarter valued at about $85,000. AdvisorNet Financial Inc raised its holdings in Reddit by 41.9% in the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after buying an additional 201 shares during the period. Finally, SOA Wealth Advisors LLC. raised its holdings in Reddit by 56.3% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after buying an additional 691 shares during the period.
Reddit Price Performance
The firm’s fifty day moving average is $158.98 and its 200-day moving average is $101.53.
Reddit (NYSE:RDDT – Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s revenue for the quarter was up 67.9% on a year-over-year basis. As a group, equities analysts predict that Reddit, Inc. will post -3.48 earnings per share for the current year.
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.
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