Reddit (NYSE:RDDT) Price Target Raised to $220.00

Reddit (NYSE:RDDT) had its price objective upped by stock analysts at Citigroup from $200.00 to $220.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target indicates a potential upside of 10.08% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Morgan Stanley upped their target price on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday. Seaport Res Ptn raised shares of Reddit to a “hold” rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. increased their target price on shares of Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday. The Goldman Sachs Group raised their target price on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. Finally, JMP Securities lifted their target price on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $173.95.

Reddit Price Performance

Shares of NYSE RDDT traded down $16.62 during trading on Thursday, reaching $199.85. The stock had a trading volume of 13,992,962 shares, compared to its average volume of 5,338,305. The firm’s 50 day moving average price is $180.60 and its two-hundred day moving average price is $117.29. Reddit has a one year low of $37.35 and a one year high of $230.41.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. As a group, equities research analysts expect that Reddit will post -3.45 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at approximately $124,083,012.24. The trade was a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total value of $920,750.00. Following the transaction, the chief technology officer now owns 35,252 shares in the company, valued at $6,491,655.80. The trade was a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 259,357 shares of company stock valued at $41,121,108.

Institutional Investors Weigh In On Reddit

Hedge funds have recently made changes to their positions in the stock. Jennison Associates LLC acquired a new stake in Reddit during the 4th quarter worth about $494,861,000. Renaissance Capital LLC grew its position in shares of Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after purchasing an additional 3,892 shares during the period. ARK Investment Management LLC boosted its holdings in Reddit by 120.5% in the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after buying an additional 192,785 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Reddit by 3,640.5% in the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after acquiring an additional 248,499 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. raised its stake in Reddit by 666.7% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company’s stock valued at $376,000 after purchasing an additional 2,000 shares during 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.