Reddit (NYSE:RDDT) Price Target Increased to $68.00 by Analysts at The Goldman Sachs Group

Reddit (NYSE:RDDT) had its price objective boosted by The Goldman Sachs Group from $60.00 to $68.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price indicates a potential downside of 9.56% from the stock’s previous close.

A number of other research firms have also recently issued reports on RDDT. Morgan Stanley upped their price objective on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. JPMorgan Chase & Co. upped their price objective on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. JMP Securities reiterated a “market outperform” rating and issued a $84.00 price objective on shares of Reddit in a report on Tuesday, July 30th. Piper Sandler increased their target price on Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Finally, Jefferies Financial Group started coverage on Reddit in a report on Wednesday, October 9th. They set a “buy” rating and a $90.00 target price for the company. One analyst has rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $70.28.

Reddit Stock Performance

Shares of NYSE RDDT opened at $75.19 on Monday. The stock’s 50-day simple moving average is $61.64 and its two-hundred day simple moving average is $58.48. Reddit has a twelve month low of $37.35 and a twelve month high of $78.08.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. During the same quarter in the previous year, the company posted ($0.70) earnings per share. Reddit’s revenue for the quarter was up 53.6% compared to the same quarter last year. On average, equities analysts anticipate that Reddit will post -4.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 50,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total value of $3,250,500.00. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares in the company, valued at approximately $100,275,129.57. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was 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 of the company’s stock, valued at approximately $3,842,748. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jennifer L. Wong sold 50,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total value of $3,250,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at $100,275,129.57. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 337,993 shares of company stock worth $19,517,419.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale bought a new position in Reddit during the 1st quarter valued at approximately $7,363,000. Commonwealth Equity Services LLC bought a new position in Reddit during the 1st quarter valued at approximately $1,111,000. VY Capital Management Co. Ltd. bought a new position in Reddit during the 3rd quarter valued at approximately $474,403,000. BNP Paribas Financial Markets bought a new position in Reddit during the 1st quarter valued at approximately $37,000. Finally, Vanguard Group Inc. bought a new position in Reddit during the 1st quarter valued at 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.