Reddit (NYSE:RDDT - Free Report) had its target price raised by Raymond James from $150.00 to $200.00 in a research note released on Tuesday morning,Benzinga reports. They currently have a strong-buy rating on the stock.
Several other research analysts have also issued reports on the company. Roth Mkm increased their price objective on Reddit from $89.00 to $116.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Bank of America lifted their price target on shares of Reddit from $99.00 to $180.00 and gave the company a "neutral" rating in a report on Wednesday, January 8th. Guggenheim initiated coverage on shares of Reddit in a research note on Friday, December 20th. They set a "buy" rating and a $210.00 price objective on the stock. Needham & Company LLC lifted their target price on shares of Reddit from $120.00 to $190.00 and gave the company a "buy" rating in a research note on Wednesday, December 11th. Finally, Wells Fargo & Company assumed coverage on Reddit in a research report on Wednesday, December 11th. They set an "overweight" rating and a $206.00 price target on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $154.25.
Check Out Our Latest Research Report on Reddit
Reddit Price Performance
Shares of Reddit stock traded up $13.41 during trading on Tuesday, hitting $188.74. 7,447,273 shares of the company's stock traded hands, compared to its average volume of 4,995,296. The firm's fifty day moving average price is $158.98 and its 200 day moving average price is $101.53. Reddit has a twelve month low of $37.35 and a twelve month high of $191.00.
Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The firm's revenue was up 67.9% compared to the same quarter last year. As a group, research analysts expect that Reddit will post -3.48 EPS for the current fiscal year.
Insider Transactions at Reddit
In related news, CFO Andrew Vollero sold 19,838 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the sale, the chief financial officer now directly owns 703,615 shares of the company's stock, valued at approximately $100,771,740.30. This represents a 2.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the sale, the chief operating officer now directly owns 1,504,297 shares of the company's stock, valued at $265,102,260.31. This represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 259,357 shares of company stock worth $39,528,738.
Institutional Trading of Reddit
Several hedge funds and other institutional investors have recently modified their holdings of the company. Hsbc Holdings PLC acquired a new stake in shares of Reddit in the second quarter valued at approximately $203,000. Marshall Wace LLP grew its position in Reddit by 117.2% in the second quarter. Marshall Wace LLP now owns 847,929 shares of the company's stock valued at $54,174,000 after purchasing an additional 457,588 shares in the last quarter. Alight Capital Management LP acquired a new stake in Reddit in the 2nd quarter valued at $3,194,000. Maverick Capital Ltd. lifted its position in Reddit by 147.4% during the 2nd quarter. Maverick Capital Ltd. now owns 742,145 shares of the company's stock worth $47,416,000 after buying an additional 442,145 shares in the last quarter. Finally, Scientech Research LLC boosted its stake in shares of Reddit by 120.0% during the 2nd quarter. Scientech Research LLC now owns 19,432 shares of the company's stock worth $1,242,000 after buying an additional 10,601 shares during the last quarter.
Reddit Company Profile
(
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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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