Reddit (NYSE:RDDT) Price Target Raised to $120.00

Reddit (NYSE:RDDT) had its target price boosted by Citigroup from $70.00 to $120.00 in a research report released on Wednesday morning, Benzinga reports. Citigroup currently has a buy rating on the stock.

Other research analysts have also issued research reports about the stock. Jefferies Financial Group increased their price target on shares of Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. increased their price target on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Cannonball Research began coverage on shares of Reddit in a research note on Tuesday, August 6th. They set a “buy” rating and a $67.00 price target on the stock. Raymond James increased their price target on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 10th. Finally, Sanford C. Bernstein upped their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $89.72.

Reddit Stock Down 5.3 %

Shares of RDDT stock opened at $112.99 on Wednesday. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $123.60. The stock’s 50-day moving average is $70.13 and its two-hundred day moving average is $62.12.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. On average, research analysts forecast that Reddit will post -4.05 EPS for the current year.

Insider Activity

In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total value of $648,000.00. Following the completion of the transaction, the chief accounting officer now owns 71,162 shares in the company, valued at approximately $3,842,748. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total transaction of $755,720.00. Following the completion of the transaction, the chief executive officer now directly owns 672,352 shares of the company’s stock, valued at $36,293,560.96. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Michelle Marie Reynolds sold 12,000 shares of Reddit stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total transaction of $648,000.00. Following the transaction, the chief accounting officer now directly owns 71,162 shares of the company’s stock, valued at $3,842,748. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 390,327 shares of company stock worth $23,503,224.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently added to or reduced their stakes in RDDT. Commonwealth Equity Services LLC bought a new position in shares of Reddit in the first quarter worth about $1,111,000. BNP Paribas Financial Markets bought a new position in shares of Reddit in the first quarter worth about $37,000. SG Americas Securities LLC bought a new position in shares of Reddit in the first quarter worth about $265,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Reddit during the first quarter worth approximately $63,000. Finally, Vanguard Group Inc. bought a new stake in shares of Reddit during the first quarter worth approximately $82,167,000.

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.