Reddit (NYSE:RDDT) Price Target Raised to $175.00 at Raymond James Financial

Key Points

• Raymond James Financial has raised its price target for Reddit (NYSE:RDDT) from $150.00 to $175.00, indicating a potential upside of 16.73% from the stock's previous close, while maintaining a "strong-buy" rating.
• Reddit's quarterly revenue grew by 61.5% year-over-year, reaching $392.36 million, with earnings per share (EPS) of $0.13, surpassing the consensus estimate of $0.02 by $0.11.
• CEO Steve Ladd Huffman sold 124,409 shares of Reddit at an average price of $124.45, representing a significant 18.55% decrease in his stock ownership.

Reddit (NYSE:RDDT - Free Report) had its target price hoisted by Raymond James Financial from $150.00 to $175.00 in a research note released on Monday morning,Benzinga reports. The firm currently has a strong-buy rating on the stock.

Several other equities research analysts also recently issued reports on the company. The Goldman Sachs Group upped their price target on Reddit from $124.00 to $140.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Robert W. Baird lifted their price target on shares of Reddit from $120.00 to $151.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Royal Bank Of Canada set a $125.00 target price on Reddit and gave the stock a "sector perform" rating in a research report on Wednesday, June 25th. B. Riley reaffirmed a "buy" rating and set a $220.00 price target (down previously from $222.00) on shares of Reddit in a research report on Friday, May 2nd. Finally, Seaport Res Ptn raised Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $164.21.

Reddit Trading Up 17.4%

NYSE RDDT traded up $28.01 on Monday, hitting $188.60. 27,233,418 shares of the company were exchanged, compared to its average volume of 7,919,029. Reddit has a 12 month low of $49.13 and a 12 month high of $230.41. The company has a market cap of $34.80 billion, a PE ratio of 319.67, a PEG ratio of 3.81 and a beta of 2.33. The stock has a fifty day moving average of $135.22 and a 200-day moving average of $138.51.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.20 by $0.25. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The company had revenue of $499.63 million during the quarter, compared to the consensus estimate of $424.07 million. During the same period last year, the business posted ($0.06) EPS. The firm's revenue for the quarter was up 77.9% compared to the same quarter last year. On average, analysts expect that Reddit will post 1.12 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 3,500 shares of the firm's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $150.64, for a total transaction of $527,240.00. Following the sale, the chief accounting officer owned 37,868 shares in the company, valued at $5,704,435.52. This trade represents a 8.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Christopher Brian Slowe sold 16,000 shares of Reddit stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $145.58, for a total value of $2,329,280.00. Following the sale, the chief technology officer directly owned 241,373 shares of the company's stock, valued at approximately $35,139,081.34. This trade represents a 6.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 506,809 shares of company stock valued at $61,884,325 over the last quarter. Company insiders own 34.25% of the company's stock.

Institutional Trading of Reddit

Hedge funds have recently bought and sold shares of the company. Alliancebernstein L.P. grew its position in Reddit by 103.0% during the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company's stock valued at $593,733,000 after acquiring an additional 2,871,232 shares during the last quarter. Whale Rock Capital Management LLC purchased a new stake in shares of Reddit in the 4th quarter valued at $204,054,000. Renaissance Technologies LLC boosted its stake in shares of Reddit by 265.4% in the 4th quarter. Renaissance Technologies LLC now owns 1,650,500 shares of the company's stock valued at $269,758,000 after purchasing an additional 1,198,800 shares in the last quarter. Nordea Investment Management AB lifted its stake in Reddit by 21,703.0% in the second quarter. Nordea Investment Management AB now owns 1,060,935 shares of the company's stock worth $164,021,000 after purchasing an additional 1,056,069 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Reddit by 11.1% during the first quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company's stock valued at $1,069,828,000 after buying an additional 1,017,162 shares during the period.

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.