Reddit (NYSE:RDDT) Price Target Raised to $185.00

Reddit (NYSE:RDDT - Free Report) had its price objective upped by JPMorgan Chase & Co. from $142.00 to $185.00 in a research note published on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

RDDT has been the subject of a number of other reports. Sanford C. Bernstein upped their price target on shares of Reddit from $65.00 to $85.00 and gave the company an "underperform" rating in a report on Wednesday, October 30th. Roth Mkm downgraded Reddit from a "buy" rating to a "neutral" rating and increased their target price for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Jefferies Financial Group raised their target price on Reddit from $120.00 to $175.00 and gave the company a "buy" rating in a report on Monday, November 25th. Robert W. Baird upped their price target on Reddit from $160.00 to $185.00 and gave the stock a "neutral" rating in a report on Thursday. Finally, The Goldman Sachs Group raised their price objective on shares of Reddit from $105.00 to $176.00 and gave the stock a "neutral" rating in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $175.45.

Reddit Stock Performance

Shares of NYSE RDDT traded down $8.58 during mid-day trading on Thursday, reaching $196.37. 8,409,200 shares of the company traded hands, compared to its average volume of 4,349,991. The company's fifty day moving average is $182.33 and its two-hundred day moving average is $119.69. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating 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, equities research analysts expect that Reddit will post -3.45 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at $124,083,012.24. The trade was a 2.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of the firm's stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total value of $920,750.00. Following the sale, the chief technology officer now directly owns 35,252 shares of the company's stock, valued at $6,491,655.80. This represents a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 212,024 shares of company stock valued at $35,086,431.

Hedge Funds Weigh In On Reddit

A number of large investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Reddit by 120.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,263 shares of the company's stock worth $5,927,000 after buying an additional 19,790 shares during the period. Moore Capital Management LP acquired a new stake in Reddit during the 4th quarter worth $1,126,000. LMR Partners LLP bought a new stake in shares of Reddit during the 4th quarter valued at $1,578,000. LRI Investments LLC acquired a new position in shares of Reddit in the 4th quarter valued at $227,000. Finally, Laurion Capital Management LP bought a new position in shares of Reddit in the 4th quarter worth $2,147,000.

Reddit Company Profile

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.