Reddit (NYSE:RDDT) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Reddit (NYSE:RDDT - Get Free Report) had its price objective hoisted by investment analysts at Robert W. Baird from $120.00 to $151.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Robert W. Baird's price target would suggest a potential upside of 4.65% from the company's previous close.

A number of other equities analysts have also issued reports on RDDT. Roth Capital reaffirmed a "neutral" rating on shares of Reddit in a research note on Friday, May 2nd. Citigroup increased their price target on Reddit from $158.00 to $163.00 and gave the company a "buy" rating in a research note on Tuesday, June 24th. Oppenheimer assumed coverage on Reddit in a research note on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price target for the company. Piper Sandler reaffirmed an "overweight" rating and set a $150.00 price target (up from $140.00) on shares of Reddit in a research note on Friday, May 2nd. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $180.00 price target on shares of Reddit in a research note on Friday, May 2nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $141.04.

Reddit Stock Down 1.1%

Shares of NYSE:RDDT traded down $1.67 during trading on Tuesday, hitting $144.29. 2,587,132 shares of the company traded hands, compared to its average volume of 8,000,126. The stock has a market capitalization of $26.62 billion, a price-to-earnings ratio of 244.57, a PEG ratio of 3.94 and a beta of 2.33. The business's fifty day moving average is $122.69 and its 200-day moving average is $141.09. Reddit has a one year low of $49.13 and a one year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The business had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. During the same period in the prior year, the company posted ($8.19) EPS. The business's revenue for the quarter was up 61.5% compared to the same quarter last year. On average, analysts forecast that Reddit will post 1.12 EPS for the current year.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 124,409 shares of Reddit stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $124.45, for a total value of $15,482,700.05. Following the transaction, the chief executive officer directly owned 546,133 shares in the company, valued at approximately $67,966,251.85. The trade was a 18.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 30,000 shares of Reddit stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $117.64, for a total value of $3,529,200.00. Following the completion of the transaction, the chief financial officer owned 333,806 shares in the company, valued at $39,268,937.84. The trade was a 8.25% 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 valued at $69,599,110 in the last three months. 34.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Reddit

A number of institutional investors have recently made changes to their positions in RDDT. Ogborne Capital Management LLC acquired a new stake in Reddit during the fourth quarter worth about $11,539,000. Wells Fargo & Company MN grew its position in Reddit by 909.3% during the fourth quarter. Wells Fargo & Company MN now owns 97,183 shares of the company's stock worth $15,884,000 after buying an additional 87,554 shares in the last quarter. Voloridge Investment Management LLC grew its position in Reddit by 46.3% during the fourth quarter. Voloridge Investment Management LLC now owns 963,516 shares of the company's stock worth $157,477,000 after buying an additional 304,773 shares in the last quarter. FMR LLC grew its position in Reddit by 7.5% during the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after buying an additional 913,189 shares in the last quarter. Finally, Renaissance Capital LLC grew its position in Reddit by 10.9% during the first quarter. Renaissance Capital LLC now owns 34,636 shares of the company's stock worth $3,633,000 after buying an additional 3,400 shares in the last quarter.

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.