Piper Sandler Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its target price hoisted by Piper Sandler from $210.00 to $220.00 in a research report released on Friday,Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages also recently issued reports on RDDT. Wells Fargo & Company boosted their price target on shares of Reddit from $206.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. The Goldman Sachs Group boosted their price target on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Needham & Company LLC lifted their price objective on shares of Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Guggenheim started coverage on shares of Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 price objective on the stock. Finally, Roth Mkm cut shares of Reddit from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $175.95.

Reddit Stock Performance

Shares of RDDT opened at $166.27 on Friday. Reddit has a 1 year low of $37.35 and a 1 year high of $230.41. The company has a market cap of $29.19 billion and a price-to-earnings ratio of -21.51. The firm has a fifty day moving average of $184.13 and a 200-day moving average of $123.17.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Analysts predict that Reddit will post 1.12 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $141.79, for a total value of $1,985,060.00. Following the transaction, the chief executive officer now owns 634,971 shares of the company’s stock, valued at approximately $90,032,538.09. This trade represents a 2.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Andrew Vollero sold 19,838 shares of Reddit stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $143.22, for a total value of $2,841,198.36. Following the completion of the transaction, the chief financial officer now directly owns 703,615 shares in the company, valued at $100,771,740.30. This represents a 2.74 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 219,838 shares of company stock worth $38,201,526.

Hedge Funds Weigh In On Reddit

Institutional investors have recently bought and sold shares of the stock. Jennison Associates LLC purchased a new position in Reddit in the 4th quarter worth about $494,861,000. Renaissance Capital LLC grew its stake in Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after acquiring an additional 3,892 shares in the last quarter. ARK Investment Management LLC grew its stake in Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after acquiring an additional 192,785 shares in the last quarter. Wellington Management Group LLP grew its stake in Reddit by 3,640.5% during the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after acquiring an additional 248,499 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. grew its stake in Reddit by 666.7% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company’s stock valued at $376,000 after acquiring an additional 2,000 shares in 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.