Sanford C. Bernstein Forecasts Strong Price Appreciation for Reddit (NYSE:RDDT) Stock

Reddit (NYSE:RDDT - Get Free Report) had its target price upped by equities researchers at Sanford C. Bernstein from $130.00 to $150.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a "market perform" rating on the stock. Sanford C. Bernstein's price objective would indicate a potential upside of 1.75% from the company's previous close.

Other equities research analysts have also recently issued research reports about the stock. The Goldman Sachs Group raised their target price on shares of 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 research note on Tuesday, July 8th. Loop Capital dropped their price target on shares of Reddit from $210.00 to $200.00 and set a "buy" rating on the stock in a research note on Thursday, June 12th. B. Riley reiterated a "buy" rating and set a $220.00 price target (down previously from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Finally, Piper Sandler restated an "overweight" rating and set a $150.00 price objective (up from $140.00) on shares of Reddit in a research report on Friday, May 2nd. One 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 company. According to data from MarketBeat, Reddit currently has a consensus rating of "Moderate Buy" and an average price target of $143.29.

Reddit Stock Performance

Shares of NYSE:RDDT traded up $1.12 during trading on Tuesday, reaching $147.41. 3,641,045 shares of the stock traded hands, compared to its average volume of 7,794,040. The stock has a 50-day moving average of $127.99 and a two-hundred day moving average of $139.48. Reddit has a 52-week low of $49.13 and a 52-week high of $230.41. The stock has a market cap of $27.20 billion, a P/E ratio of 249.85, a price-to-earnings-growth ratio of 3.81 and a beta of 2.33.

Reddit (NYSE:RDDT - Get Free Report) last posted 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 firm had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. During the same quarter in the prior year, the company posted ($8.19) earnings per share. The business's revenue for the quarter was up 61.5% on a year-over-year basis. Sell-side analysts expect that Reddit will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $145.63, for a total value of $2,038,820.00. Following the completion of the sale, the chief executive officer owned 539,631 shares of the company's stock, valued at approximately $78,586,462.53. This represents a 2.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 16,000 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $136.47, for a total transaction of $2,183,520.00. Following the completion of the sale, the chief technology officer directly owned 246,373 shares of the company's stock, valued at $33,622,523.31. The trade was a 6.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold 495,877 shares of company stock worth $60,119,012 over the last 90 days. Corporate insiders own 34.25% of the company's stock.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently bought and sold shares of the company. Congress Park Capital LLC increased its stake in Reddit by 2.0% during the 2nd quarter. Congress Park Capital LLC now owns 3,885 shares of the company's stock valued at $585,000 after purchasing an additional 76 shares in the last quarter. Platinum Investment Management Ltd. increased its stake in Reddit by 4.3% during the 2nd quarter. Platinum Investment Management Ltd. now owns 2,322 shares of the company's stock valued at $350,000 after purchasing an additional 95 shares in the last quarter. Signaturefd LLC increased 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 period. CWM LLC increased its stake in shares of Reddit by 100.0% in the first quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after acquiring an additional 128 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Reddit by 12.5% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,323 shares of the company's stock worth $139,000 after acquiring 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.

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