Reddit (NYSE:RDDT) Price Target Raised to $160.00

Reddit (NYSE:RDDT) had its price target upped by JMP Securities from $118.00 to $160.00 in a research report report published on Monday,Benzinga reports. They currently have a market outperform rating on the stock.

Several other research analysts also recently commented on RDDT. Loop Capital increased their price objective on shares of Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, October 25th. Roth Mkm raised their price target on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Piper Sandler reaffirmed an “overweight” rating and set a $150.00 price objective (up from $115.00) on shares of Reddit in a report on Tuesday, November 19th. Bank of America increased their target price on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Cannonball Research initiated coverage on shares of Reddit in a research report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and an average price target of $98.17.

Reddit Trading Up 3.3 %

Shares of RDDT stock opened at $140.04 on Monday. The stock has a fifty day simple moving average of $96.72 and a two-hundred day simple moving average of $73.23. Reddit has a 52-week low of $37.35 and a 52-week high of $158.49.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business’s revenue for the quarter was up 67.9% on a year-over-year basis. As a group, research analysts anticipate that Reddit will post -3.63 earnings per share for the current year.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $59.19, for a total value of $828,660.00. Following the transaction, the chief executive officer now owns 651,775 shares in the company, valued at $38,578,562.25. The trade was a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $59.18, for a total transaction of $1,972,646.94. Following the sale, the chief operating officer now directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 318,358 shares of company stock valued at $29,612,496 over the last ninety days.

Hedge Funds Weigh In On Reddit

A number of large investors have recently made changes to their positions in RDDT. BNP Paribas Financial Markets purchased a new position in Reddit during the 1st quarter worth $37,000. Whittier Trust Co. purchased a new stake in shares of Reddit during the third quarter worth about $42,000. SOA Wealth Advisors LLC. acquired a new position in shares of Reddit during the second quarter valued at about $78,000. Daiwa Securities Group Inc. purchased a new position in shares of Reddit in the 3rd quarter valued at approximately $85,000. Finally, UMB Bank n.a. acquired a new stake in Reddit in the 2nd quarter worth approximately $88,000.

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.