The Goldman Sachs Group Raises Reddit (NYSE:RDDT) Price Target to $55.00

Reddit (NYSE:RDDT - Get Free Report) had its price target boosted by equities researchers at The Goldman Sachs Group from $40.00 to $55.00 in a report released on Thursday, Benzinga reports. The firm currently has a "neutral" rating on the stock.

RDDT has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Reddit in a research note on Tuesday, April 16th. They issued a "buy" rating and a $50.00 price objective on the stock. Morgan Stanley started coverage on Reddit in a research report on Monday, April 15th. They issued an "equal weight" rating and a $45.00 price objective on the stock. JPMorgan Chase & Co. assumed coverage on shares of Reddit in a report on Monday, April 15th. They set a "neutral" rating and a $47.00 target price for the company. Piper Sandler increased their price target on shares of Reddit from $50.00 to $65.00 and gave the stock an "overweight" rating in a report on Wednesday. Finally, New Street Research began coverage on shares of Reddit in a research report on Tuesday, March 26th. They set a "neutral" rating and a $54.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Reddit has an average rating of "Moderate Buy" and an average target price of 54.87.

Reddit Price Performance

NYSE RDDT traded down 1.29 during trading on Thursday, hitting 50.11. The company's stock had a trading volume of 3,900,500 shares, compared to its average volume of 6,297,074. Reddit has a fifty-two week low of 37.35 and a fifty-two week high of 74.90.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 earnings per share for the quarter, missing analysts' consensus estimates of -2.34 by -5.85. The firm had revenue of 243.00 million for the quarter, compared to analysts' expectations of 213.99 million. During the same quarter in the previous year, the business earned ($1.05) earnings per share. Reddit's revenue was up 48.4% on a year-over-year basis. As a group, equities research analysts forecast that Reddit will post -7.09 earnings per share for the current fiscal year.

Insider Activity at Reddit

In related news, CTO Christopher Brian Slowe sold 185,000 shares of the company's stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the sale, 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 legal filing with the SEC, which is available through this link. In other Reddit news, Director David C. Habiger bought 3,000 shares of the business's stock in a transaction dated Monday, March 25th. The shares were acquired at an average price of 34.00 per share, with a total value of 102,000.00. Following the transaction, the director now owns 24,906 shares of the company's stock, valued at 846,804. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 185,000 shares of Reddit stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 5,975,500.00. Following the sale, the chief technology officer now owns 413,684 shares in the company, valued at approximately 13,361,993.20. The disclosure for this sale can be found here. Insiders sold 1,084,798 shares of company stock worth $35,038,975 in the last three months.

Institutional Trading of Reddit

Several institutional investors and hedge funds have recently bought and sold shares of RDDT. ANTIPODES PARTNERS Ltd purchased a new position in Reddit during the 1st quarter worth $63,000. SG Americas Securities LLC purchased a new stake in shares of Reddit during the first quarter worth approximately $265,000. BNP Paribas Financial Markets acquired a new position in Reddit in the 1st quarter valued at $37,000. Commonwealth Equity Services LLC purchased a new position in Reddit during the first quarter worth about $1,111,000. Finally, Global Retirement Partners LLC acquired a new position in Reddit during the 1st quarter worth approximately $27,000.

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.