Raymond James Raises Reddit (NYSE:RDDT) Price Target to $200.00

Reddit (NYSE:RDDT) had its target price hoisted by analysts at Raymond James from $150.00 to $200.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “strong-buy” rating on the stock. Raymond James’ price target suggests a potential upside of 8.82% from the company’s previous close.

A number of other research analysts also recently issued reports on RDDT. B. Riley boosted their price objective on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Jefferies Financial Group lifted their price target on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Guggenheim assumed coverage on shares of Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective on the stock. JPMorgan Chase & Co. lifted their target price on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Finally, The Goldman Sachs Group raised their price objective on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $158.20.

Reddit Stock Performance

RDDT stock opened at $183.79 on Tuesday. Reddit has a 12-month low of $37.35 and a 12-month high of $191.00. The firm’s 50-day moving average price is $160.20 and its two-hundred day moving average price is $102.35.

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 the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The business’s revenue for the quarter was up 67.9% on a year-over-year basis. Equities research analysts anticipate that Reddit will post -3.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.20, for a total value of $2,466,800.00. Following the completion of the sale, the chief executive officer now directly owns 620,971 shares of the company’s stock, valued at approximately $109,415,090.20. This represents a 2.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the sale, the chief operating officer now owns 1,504,297 shares in the company, valued at $261,642,377.21. The trade was a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 259,357 shares of company stock valued at $39,528,738.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RDDT. FMR LLC boosted its stake in Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. bought a new position in Reddit during the third quarter valued at approximately $474,403,000. Point72 Asset Management L.P. grew its holdings in Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after buying an additional 2,225,895 shares in the last quarter. Holocene Advisors LP raised its holdings 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 worth $198,154,000 after acquiring an additional 1,923,109 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its position in shares of Reddit by 1,519.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after acquiring an additional 1,548,450 shares during the last quarter.

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.