B. Riley Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its target price upped by B. Riley from $112.00 to $187.00 in a research note issued to investors on Tuesday,Benzinga reports. B. Riley currently has a buy rating on the stock.

Several other research analysts have also recently weighed in on RDDT. Jefferies Financial Group raised their target price on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Bank of America raised their price objective on shares of Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a research report on Wednesday, January 8th. JMP Securities boosted their target price on shares of Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a report on Monday, November 25th. Piper Sandler raised their target price on shares of Reddit from $150.00 to $197.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Guggenheim started coverage on Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 price target on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and an average target price of $148.25.

Reddit Stock Up 0.2 %

Shares of NYSE:RDDT opened at $165.04 on Tuesday. Reddit has a twelve month low of $37.35 and a twelve month high of $187.69. The company has a 50 day moving average of $155.39 and a 200-day moving average of $98.65.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The firm’s revenue for the quarter was up 67.9% compared to the same quarter last year. On average, analysts expect that Reddit will post -3.46 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value of $2,704,885.14. Following the completion of the sale, the insider now directly owns 138,401 shares in the company, valued at $20,214,850.06. The trade was a 11.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $113.13, for a total transaction of $1,583,820.00. Following the transaction, the chief executive officer now owns 651,775 shares in the company, valued at approximately $73,735,305.75. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 217,023 shares of company stock worth $31,699,295.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Ridgewood Investments LLC lifted its position in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the last quarter. StoneCrest Wealth Management Inc. lifted its position in shares of Reddit by 2.6% during the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after purchasing an additional 176 shares during the last quarter. AdvisorNet Financial Inc boosted its stake in Reddit by 41.9% during the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after purchasing an additional 201 shares during the period. Whittier Trust Co. acquired a new stake in Reddit in the 3rd quarter valued at approximately $42,000. Finally, SOA Wealth Advisors LLC. increased its position in Reddit by 56.3% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after buying an additional 691 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.