Reddit (NYSE:RDDT) Stock Price Expected to Rise, Bank of America Analyst Says

Reddit (NYSE:RDDT) had its price objective boosted by equities researchers at Bank of America from $99.00 to $180.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price objective points to a potential upside of 4.60% from the company’s current price.

A number of other analysts have also recently weighed in on RDDT. Guggenheim started coverage on shares of Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 price target on the stock. Raymond James increased their price objective on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a report on Thursday, October 10th. JPMorgan Chase & Co. upped their target price on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. Robert W. Baird raised their price target on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Finally, Needham & Company LLC lifted their price objective on shares of Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $136.75.

Reddit Stock Performance

RDDT opened at $172.08 on Wednesday. Reddit has a 52 week low of $37.35 and a 52 week high of $187.69. The stock’s fifty day moving average is $152.35 and its two-hundred day moving average is $95.97.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating 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 firm had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit’s revenue was up 67.9% compared to the same quarter last year. On average, research analysts anticipate that Reddit will post -3.46 EPS for the current year.

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total value of $387,400.00. Following the transaction, the chief technology officer now owns 30,068 shares in the company, valued at $2,329,668.64. This trade represents a 14.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $75.43, for a total value of $1,056,020.00. Following the completion of the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at $49,163,388.25. This represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 264,357 shares of company stock valued at $35,297,700 in the last three months.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after buying an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. acquired a new position in Reddit during the third quarter worth about $474,403,000. Holocene Advisors LP grew its stake in Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after acquiring an additional 1,923,109 shares in the last quarter. Point72 Asset Management L.P. grew its stake 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 acquiring an additional 2,225,895 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in Reddit by 1,519.4% in 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.