Reddit (NYSE:RDDT) Price Target Raised to $180.00

Reddit (NYSE:RDDT) had its price target lifted by Loop Capital from $120.00 to $180.00 in a research report released on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other research analysts also recently issued research reports about the stock. Sanford C. Bernstein lifted their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. Cannonball Research initiated coverage on shares of Reddit in a research note on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective for the company. The Goldman Sachs Group boosted their price target on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Roth Mkm upped their target price on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $103.17.

Reddit Price Performance

Shares of RDDT opened at $141.64 on Monday. The firm has a fifty day moving average price of $99.72 and a 200-day moving average price of $74.46. Reddit has a 12-month low of $37.35 and a 12-month high of $158.49.

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

Insider Transactions at Reddit

In related news, CFO Andrew Vollero sold 19,838 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the sale, the chief financial officer now directly owns 703,615 shares of the company’s stock, valued at approximately $100,771,740.30. This trade represents a 2.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $59.19, for a total transaction of $828,660.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at $38,578,562.25. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,644 shares of company stock valued at $29,210,730 over the last 90 days.

Institutional Investors Weigh In On Reddit

A number of institutional investors have recently modified their holdings of the company. ARK Investment Management LLC boosted its holdings 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 during the period. Victory Capital Management Inc. boosted its position in Reddit by 903.8% in the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock valued at $33,231,000 after buying an additional 453,894 shares during the period. Objective Capital Management LLC acquired a new position in shares of Reddit in the third quarter worth $391,000. VY Capital Management Co. Ltd. purchased a new stake in shares of Reddit during the third quarter worth $474,403,000. Finally, Claro Advisors LLC acquired a new stake in shares of Reddit in the third quarter valued at $2,557,000.

Reddit Company Profile

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.