Roth Mkm Boosts Reddit (NYSE:RDDT) Price Target to $89.00

Reddit (NYSE:RDDT) had its price objective upped by Roth Mkm from $66.00 to $89.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also commented on RDDT. JMP Securities reaffirmed a “market outperform” rating and set a $84.00 target price on shares of Reddit in a report on Tuesday, July 30th. Bank of America lifted their price objective on Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Jefferies Financial Group increased their target price on Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Needham & Company LLC boosted their target price on Reddit from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, The Goldman Sachs Group increased their price target on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $73.61.

Reddit Stock Up 3.5 %

NYSE:RDDT opened at $81.36 on Wednesday. The stock’s fifty day moving average price is $65.57 and its two-hundred day moving average price is $60.17. Reddit has a 52-week low of $37.35 and a 52-week high of $81.72.

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

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total value of $387,400.00. Following the sale, the chief technology officer now directly owns 30,068 shares in the company, valued at $2,329,668.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the sale, the chief technology officer now owns 30,068 shares of the company’s stock, valued at $2,329,668.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $76.27, for a total transaction of $2,542,384.18. Following the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $117,643,195.39. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 390,327 shares of company stock worth $23,503,224.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently modified their holdings of the stock. DekaBank Deutsche Girozentrale bought a new position in Reddit in the first quarter valued at approximately $7,363,000. Commonwealth Equity Services LLC bought a new position in shares of Reddit in the first quarter valued at $1,111,000. VY Capital Management Co. Ltd. acquired a new position in Reddit during the third quarter worth $474,403,000. Claro Advisors LLC bought a new stake in Reddit during the third quarter worth $2,557,000. Finally, BNP Paribas Financial Markets acquired a new stake in Reddit in the first 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.