Citigroup Increases Reddit (NYSE:RDDT) Price Target to $163.00

Reddit (NYSE:RDDT - Get Free Report) had its target price boosted by equities researchers at Citigroup from $158.00 to $163.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Citigroup's target price would suggest a potential upside of 16.14% from the stock's previous close.

Several other brokerages also recently commented on RDDT. Guggenheim reaffirmed a "buy" rating and set a $165.00 price objective on shares of Reddit in a research report on Tuesday. Raymond James Financial dropped their price target on Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, March 12th. Wall Street Zen raised Reddit from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. The Goldman Sachs Group upped their price objective on shares of Reddit from $124.00 to $140.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Finally, JPMorgan Chase & Co. lowered their target price on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $139.57.

Reddit Trading Up 4.6%

NYSE RDDT traded up $6.20 during trading on Tuesday, reaching $140.34. The company's stock had a trading volume of 3,528,570 shares, compared to its average volume of 6,437,915. The firm has a 50 day moving average price of $112.97 and a 200 day moving average price of $142.22. The firm has a market capitalization of $25.90 billion, a price-to-earnings ratio of 238.04, a price-to-earnings-growth ratio of 3.57 and a beta of 2.02. Reddit has a 12 month low of $49.13 and a 12 month high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The company's revenue was up 61.5% compared to the same quarter last year. During the same quarter last year, the business posted ($8.19) EPS. On average, equities analysts forecast that Reddit will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 124,409 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $124.45, for a total value of $15,482,700.05. Following the transaction, the chief executive officer now directly owns 546,133 shares in the company, valued at $67,966,251.85. The trade was a 18.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total value of $3,133,062.66. Following the sale, the chief operating officer now owns 1,466,119 shares of the company's stock, valued at $137,800,524.81. This represents a 2.22% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 597,785 shares of company stock valued at $66,215,370. Corporate insiders own 34.25% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Signaturefd LLC lifted its holdings in Reddit by 3.5% during the 1st quarter. Signaturefd LLC now owns 2,859 shares of the company's stock valued at $300,000 after buying an additional 97 shares in the last quarter. Proficio Capital Partners LLC lifted its stake in Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after acquiring an additional 120 shares during the period. CWM LLC raised its stake in Reddit by 100.0% in the first quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after buying an additional 128 shares in the last quarter. Farther Finance Advisors LLC lifted its position in shares of Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after buying an additional 147 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Reddit by 12.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,323 shares of the company's stock worth $139,000 after acquiring an additional 147 shares in 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.