Reddit (NYSE:RDDT) Price Target Raised to $65.00

Reddit (NYSE:RDDT - Free Report) had its price objective lifted by Citigroup from $53.00 to $65.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

RDDT has been the topic of several other reports. Loop Capital began coverage on Reddit in a research note on Monday, April 15th. They set a buy rating and a $55.00 target price on the stock. JMP Securities upped their price objective on shares of Reddit from $53.00 to $63.00 and gave the company a market outperform rating in a report on Wednesday. Robert W. Baird lifted their target price on shares of Reddit from $50.00 to $59.00 and gave the stock a neutral rating in a research note on Wednesday. Morgan Stanley began coverage on shares of Reddit in a research note on Monday, April 15th. They set an equal weight rating and a $45.00 price target on the stock. Finally, Piper Sandler lifted their price objective on shares of Reddit from $50.00 to $65.00 and gave the stock an overweight rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of 53.87.

Reddit Stock Performance

Shares of RDDT stock traded up 2.00 on Wednesday, hitting 51.40. The stock had a trading volume of 13,509,199 shares, compared to its average volume of 6,369,697. Reddit has a one year low of 37.35 and a one year high of 74.90.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing analysts' consensus estimates of -2.34 by -5.85. The business had revenue of 243.00 million for the quarter, compared to analyst estimates of 213.99 million. The business's quarterly revenue was up 48.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.05) EPS. On average, equities analysts anticipate that Reddit will post -7.09 EPS for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, Director David C. Habiger bought 3,000 shares of the company's stock in a transaction dated Monday, March 25th. The shares were purchased at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the transaction, the director now directly owns 24,906 shares of the company's stock, valued at 846,804. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CTO Christopher Brian Slowe sold 185,000 shares of the firm's stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 5,975,500.00. Following the transaction, the chief technology officer now directly owns 413,684 shares of the company's stock, valued at approximately 13,361,993.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David C. Habiger purchased 3,000 shares of the stock in a transaction dated Monday, March 25th. The stock was purchased at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the completion of the purchase, the director now directly owns 24,906 shares of the company's stock, valued at 846,804. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 1,084,798 shares of company stock valued at $35,038,975.

Hedge Funds Weigh In On Reddit

Several hedge funds and other institutional investors have recently modified their holdings of the business. Congress Park Capital LLC acquired a new stake in Reddit in the 1st quarter valued at about $279,000. Raymond James Financial Services Advisors Inc. purchased a new position in Reddit during the first quarter worth approximately $2,057,000. Seven Grand Managers LLC acquired a new position in Reddit during the first quarter worth $986,000. Global Retirement Partners LLC purchased a new stake in Reddit in the 1st quarter valued at $27,000. Finally, Commonwealth Equity Services LLC acquired a new stake in shares of Reddit in the 1st quarter worth $1,111,000.

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.