Reddit (NYSE:RDDT) Price Target Raised to $87.00 at B. Riley

Reddit (NYSE:RDDT) had its price target upped by B. Riley from $75.00 to $87.00 in a report released on Monday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts have also commented on RDDT. Morgan Stanley lifted their price objective on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Jefferies Financial Group assumed coverage on shares of Reddit in a research note on Wednesday, October 9th. They issued a “buy” rating and a $90.00 price objective on the stock. The Goldman Sachs Group increased their price objective on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Piper Sandler boosted their target price on shares of Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Finally, Raymond James increased their price target on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $70.94.

Reddit Price Performance

RDDT opened at $78.56 on Monday. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $81.36. The company’s 50 day moving average price is $63.67 and its two-hundred day moving average price is $59.35.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to analyst estimates of $253.86 million. The business’s revenue for the quarter was up 53.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.70) earnings per share. Equities research analysts predict that Reddit will post -4.1 EPS for the current year.

Insider Buying and Selling

In other Reddit news, Director Mary Porter Gale sold 30,000 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the completion of the sale, the director now owns 71,459 shares in the company, valued at approximately $3,738,020.29. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Reddit news, Director Mary Porter Gale sold 30,000 shares of Reddit stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the completion of the transaction, the director now owns 71,459 shares in the company, valued at approximately $3,738,020.29. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total value of $755,720.00. Following the sale, the chief executive officer now directly owns 672,352 shares of the company’s stock, valued at $36,293,560.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 385,327 shares of company stock worth $23,115,824 in the last ninety days.

Institutional Investors Weigh In On Reddit

Institutional investors and hedge funds have recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale purchased a new stake in Reddit in the 1st quarter valued at about $7,363,000. Commonwealth Equity Services LLC bought a new stake in Reddit during the first quarter worth $1,111,000. VY Capital Management Co. Ltd. purchased a new position in Reddit in the third quarter worth $474,403,000. Claro Advisors LLC bought a new position in Reddit in the 3rd quarter valued at $2,557,000. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Reddit during the 1st quarter valued at $37,000.

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.