Citigroup Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT - Free Report) had its price objective raised by Citigroup from $120.00 to $200.00 in a report published on Friday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other equities research analysts have also recently commented on the stock. Jefferies Financial Group lifted their price target on shares of Reddit from $120.00 to $175.00 and gave the stock a "buy" rating in a research report on Monday, November 25th. Wells Fargo & Company started coverage on shares of Reddit in a report on Wednesday, December 11th. They set an "overweight" rating and a $206.00 target price for the company. B. Riley reiterated a "buy" rating and set a $112.00 target price (up previously from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. Bank of America raised their price target on Reddit from $84.00 to $99.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Finally, Sanford C. Bernstein upped their price objective on Reddit from $65.00 to $85.00 and gave the company an "underperform" rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $132.70.

Reddit Stock Up 4.3 %

RDDT traded up $6.99 during mid-day trading on Friday, reaching $170.71. The stock had a trading volume of 7,691,187 shares, compared to its average volume of 5,194,706. The firm's fifty day simple moving average is $125.78 and its two-hundred day simple moving average is $84.34. Reddit has a 52 week low of $37.35 and a 52 week high of $180.74.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business's revenue for the quarter was up 67.9% compared to the same quarter last year. On average, analysts predict that Reddit will post -3.46 earnings per share for the current year.

Insider Buying and Selling

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total value of $387,400.00. Following the sale, the chief technology officer now owns 30,068 shares in the company, valued at approximately $2,329,668.64. The trade was a 14.26 % 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 33,333 shares of the firm's stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 264,357 shares of company stock worth $32,762,690 over the last ninety days.

Institutional Investors Weigh In On Reddit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Whittier Trust Co. acquired a new position in shares of Reddit during the 3rd quarter worth approximately $42,000. Daiwa Securities Group Inc. bought a new position in shares of Reddit in the third quarter valued at $85,000. UMB Bank n.a. acquired a new position in Reddit during the second quarter worth $88,000. SOA Wealth Advisors LLC. raised its position in Reddit by 56.3% during the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company's stock worth $126,000 after acquiring an additional 691 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in Reddit during the third quarter worth $144,000.

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.