Reddit (NYSE:RDDT) Price Target Raised to $145.00 at Roth Capital

Reddit (NYSE:RDDT - Get Free Report) had its target price upped by equities researchers at Roth Capital from $130.00 to $145.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Roth Capital's price objective indicates a potential downside of 2.28% from the stock's previous close.

A number of other research firms have also weighed in on RDDT. Needham & Company LLC upped their target price on shares of Reddit from $135.00 to $145.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Wall Street Zen upgraded shares of Reddit from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. Robert W. Baird lifted their price objective on shares of Reddit from $120.00 to $151.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Oppenheimer initiated coverage on shares of Reddit in a research report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 target price on the stock. Finally, Roth Mkm upped their price target on shares of Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $142.46.

Reddit Stock Up 0.1%

Shares of RDDT traded up $0.14 during mid-day trading on Monday, hitting $148.38. 3,348,026 shares of the company traded hands, compared to its average volume of 6,742,331. Reddit has a 1-year low of $49.13 and a 1-year high of $230.41. The company has a market capitalization of $27.38 billion, a PE ratio of 251.93, a price-to-earnings-growth ratio of 3.81 and a beta of 2.33. The business has a 50 day moving average of $127.99 and a 200 day moving average of $139.48.

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

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 16,000 shares of the business's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $136.47, for a total value of $2,183,520.00. Following the completion of the transaction, the chief technology officer directly owned 246,373 shares of the company's stock, valued at approximately $33,622,523.31. The trade was a 6.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $142.06, for a total value of $4,735,428.04. Following the transaction, the chief operating officer directly owned 1,428,007 shares in the company, valued at $202,862,674.42. This represents a 2.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 492,877 shares of company stock worth $59,177,442. 34.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Reddit

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC boosted its position in shares of Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after acquiring an additional 147 shares in the last quarter. Natixis Advisors LLC acquired a new stake in shares of Reddit in the 4th quarter valued at approximately $2,549,000. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Reddit in the 4th quarter valued at approximately $609,000. Teacher Retirement System of Texas acquired a new stake in shares of Reddit in the 4th quarter valued at approximately $2,814,000. Finally, Whittier Trust Co. of Nevada Inc. acquired a new position in Reddit during the fourth quarter worth $56,000.

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.

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