Reddit (NYSE:RDDT) Price Target Raised to $175.00

Reddit (NYSE:RDDT) had its target price increased by Jefferies Financial Group from $120.00 to $175.00 in a report issued on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also issued reports on the company. Loop Capital increased their price target on Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Needham & Company LLC increased their target price on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. JMP Securities boosted their price target on shares of Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research note on Monday. Bank of America raised their price objective on shares of Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Roth Mkm lifted their price objective on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $98.17.

Reddit Trading Up 3.3 %

NYSE:RDDT opened at $140.04 on Monday. Reddit has a twelve month low of $37.35 and a twelve month high of $158.49. The company has a fifty day moving average of $98.23 and a 200-day moving average of $73.70.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s revenue was up 67.9% compared to the same quarter last year. On average, sell-side analysts predict that Reddit will post -3.63 EPS for the current year.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $59.18, for a total value of $1,972,646.94. Following the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $91,282,605.26. The trade was a 2.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Christopher Brian Slowe sold 21,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.01, for a total value of $3,066,210.00. Following the completion of the transaction, the chief technology officer now owns 297,925 shares in the company, valued at approximately $43,500,029.25. The trade was a 6.58 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 311,644 shares of company stock valued at $29,210,730.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RDDT. FMR LLC raised its stake in Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after acquiring an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. purchased a new position in shares of Reddit in the third quarter worth about $474,403,000. Point72 Asset Management L.P. raised its position in shares of Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares during the period. Holocene Advisors LP lifted its stake in shares of Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after buying an additional 1,923,109 shares in the last quarter. Finally, Vanguard Group Inc. bought a new position in Reddit in the 1st quarter worth approximately $82,167,000.

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.