Robert W. Baird Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT - Get Free Report) had its target price upped by stock analysts at Robert W. Baird from $120.00 to $151.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Robert W. Baird's price objective would indicate a potential upside of 5.80% from the company's previous close.

Several other research analysts have also recently issued reports on RDDT. Citigroup raised their target price on shares of Reddit from $158.00 to $163.00 and gave the stock a "buy" rating in a report on Tuesday, June 24th. Needham & Company LLC raised their target price on shares of Reddit from $135.00 to $145.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. JPMorgan Chase & Co. cut their target price on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Sanford C. Bernstein upgraded shares of Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price target on the stock in a report on Friday, May 2nd. Finally, Redburn Partners set a $75.00 price target on shares of Reddit in a report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $141.04.

Reddit Stock Down 2.0%

Shares of RDDT stock traded down $2.93 during trading on Tuesday, hitting $142.72. The company had a trading volume of 3,754,078 shares, compared to its average volume of 6,675,240. The stock's 50-day moving average is $123.28 and its two-hundred day moving average is $141.12. The stock has a market capitalization of $26.33 billion, a price-to-earnings ratio of 241.90, a price-to-earnings-growth ratio of 3.75 and a beta of 2.33. Reddit has a 52 week low of $49.13 and a 52 week high of $230.41.

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

Insider Transactions at Reddit

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

Institutional Trading of Reddit

A number of institutional investors and hedge funds have recently made changes to their positions in RDDT. Signaturefd LLC boosted its stake in shares of Reddit by 3.5% in the first quarter. Signaturefd LLC now owns 2,859 shares of the company's stock worth $300,000 after acquiring an additional 97 shares during the last quarter. Proficio Capital Partners LLC boosted its stake in Reddit by 2.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after buying an additional 120 shares during the last quarter. CWM LLC lifted its stake in shares of Reddit by 100.0% in the 1st quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after purchasing an additional 128 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after purchasing an additional 147 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Reddit by 12.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,323 shares of the company's stock valued at $139,000 after buying an additional 147 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.