Reddit (NYSE:RDDT) Price Target Raised to $70.00

Reddit (NYSE:RDDT) had its price objective upped by Morgan Stanley from $63.00 to $70.00 in a report published on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Several other brokerages also recently weighed in on RDDT. JPMorgan Chase & Co. boosted their price objective on Reddit from $57.00 to $67.00 and gave the company a neutral rating in a research report on Tuesday, July 16th. Piper Sandler increased their price target on shares of Reddit from $50.00 to $65.00 and gave the company an overweight rating in a research report on Wednesday, May 8th. Raymond James started coverage on shares of Reddit in a research report on Monday, April 15th. They issued a strong-buy rating and a $50.00 price objective on the stock. JMP Securities raised their target price on Reddit from $70.00 to $84.00 and gave the stock a market outperform rating in a research note on Tuesday, July 16th. Finally, Roth Capital reiterated a buy rating on shares of Reddit in a research report on Monday, April 15th. One analyst has rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Reddit currently has an average rating of Moderate Buy and an average price target of 63.07.

Reddit Stock Down 1.4 %

Shares of NYSE:RDDT opened at 62.06 on Tuesday. Reddit has a 52-week low of 37.35 and a 52-week high of 78.08. The stock has a fifty day moving average of 63.14.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share for the quarter, missing the consensus estimate of -2.34 by -5.85. The business had revenue of 243.00 million for the quarter, compared to analyst estimates of 213.99 million. During the same period in the previous year, the company earned ($1.05) earnings per share. The firm’s revenue was up 48.4% compared to the same quarter last year. Sell-side analysts predict that Reddit will post -4.62 EPS for the current year.

Insider Transactions at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 33,019 shares of Reddit stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 1,946,139.86. Following the completion of the transaction, the chief technology officer now directly owns 380,665 shares of the company’s stock, valued at 22,436,395.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Reddit news, CAO Michelle Marie Reynolds sold 6,618 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total transaction of 390,064.92. Following the transaction, the chief accounting officer now owns 89,795 shares in the company, valued at approximately 5,292,517.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 33,019 shares of Reddit stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 1,946,139.86. Following the completion of the sale, the chief technology officer now owns 380,665 shares of the company’s stock, valued at 22,436,395.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 192,689 shares of company stock valued at $11,357,090.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Inclusive Capital Partners L.P. purchased a new stake in shares of Reddit during the 1st quarter valued at about $103,051,000. Vanguard Group Inc. purchased a new stake in shares of Reddit during the first quarter worth about $82,167,000. Bank of New York Mellon Corp raised its stake in Reddit by 10.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after purchasing an additional 153,282 shares during the period. Price T Rowe Associates Inc. MD purchased a new position in Reddit in the 1st quarter worth approximately $37,015,000. Finally, Blackstone Inc. bought a new position in Reddit in the 1st quarter worth approximately $36,990,000.

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.