Robert W. Baird Forecasts Strong Price Appreciation for Reddit (NYSE:RDDT) Stock

Reddit (NYSE:RDDT - Get Free Report) had its price objective hoisted by equities researchers at Robert W. Baird from $120.00 to $151.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Robert W. Baird's price target points to a potential upside of 3.33% from the stock's current price.

A number of other research firms have also commented on RDDT. Roth Mkm increased their price target on Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. JPMorgan Chase & Co. lowered their target price on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. JMP Securities reissued a "market outperform" rating and set a $180.00 price target on shares of Reddit in a research report on Friday, May 2nd. Wells Fargo & Company boosted their price target on shares of Reddit from $115.00 to $118.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Finally, The Goldman Sachs Group increased their price objective on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $141.04.

Reddit Price Performance

Shares of NYSE RDDT traded up $0.18 during mid-day trading on Tuesday, reaching $146.14. 4,520,657 shares of the company's stock traded hands, compared to its average volume of 6,686,246. The business has a 50-day simple moving average of $122.69 and a 200 day simple moving average of $141.09. The stock has a market cap of $26.97 billion, a P/E ratio of 247.70, a PEG ratio of 3.75 and a beta of 2.33. Reddit has a 1-year low of $49.13 and a 1-year high of $230.41.

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

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 124,409 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $124.45, for a total value of $15,482,700.05. Following the completion of the transaction, the chief executive officer directly owned 546,133 shares in the company, valued at approximately $67,966,251.85. This trade represents a 18.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of the firm's stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the completion of the transaction, the chief operating officer owned 1,466,119 shares of the company's stock, valued at $137,800,524.81. This trade represents a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 617,285 shares of company stock worth $69,599,110 over the last ninety days. Company insiders own 34.25% of the company's stock.

Hedge Funds Weigh In On Reddit

A number of large investors have recently modified their holdings of the company. FMR LLC boosted its position in shares of Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after acquiring an additional 913,189 shares during the period. Vanguard Group Inc. boosted its position in shares of Reddit by 11.1% in the first quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company's stock valued at $1,069,828,000 after acquiring an additional 1,017,162 shares during the period. Alliancebernstein L.P. boosted its position in shares of Reddit by 103.0% in 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 period. T. Rowe Price Investment Management Inc. boosted its position in shares of Reddit by 10.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,073,939 shares of the company's stock valued at $427,357,000 after acquiring an additional 389,761 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Reddit by 98.2% in the first quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company's stock valued at $200,096,000 after acquiring an additional 944,847 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.