Raymond James Boosts Reddit (NYSE:RDDT) Price Target to $70.00

Reddit (NYSE:RDDT) had its target price increased by Raymond James from $65.00 to $70.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “strong-buy” rating on the stock.

RDDT has been the subject of a number of other research reports. Loop Capital cut Reddit from a “buy” rating to a “hold” rating and set a $75.00 price objective for the company. in a research note on Tuesday, July 16th. Morgan Stanley increased their target price on Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Robert W. Baird raised their price target on Reddit from $50.00 to $59.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Roth Capital reaffirmed a “buy” rating on shares of Reddit in a research note on Monday, April 15th. Finally, JPMorgan Chase & Co. lifted their target price on Reddit from $57.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of 64.80.

Reddit Stock Performance

RDDT stock traded up 1.13 during midday trading on Wednesday, reaching 59.57. The stock had a trading volume of 837,606 shares, compared to its average volume of 4,430,941. Reddit has a 52-week low of 37.35 and a 52-week high of 78.08. The firm has a fifty day moving average price of 63.11.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing the consensus estimate of -2.34 by -5.85. The company had revenue of 243.00 million for the quarter, compared to analysts’ expectations of 213.99 million. The company’s revenue for the quarter was up 48.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.05) EPS. On average, equities analysts forecast that Reddit will post -4.59 earnings per share for the current year.

Insider Buying and Selling at Reddit

In related news, CFO Andrew Vollero sold 50,580 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total transaction of 2,981,185.20. Following the completion of the transaction, the chief financial officer now owns 631,080 shares in the company, valued at approximately 37,195,855.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Reddit news, CFO Andrew Vollero sold 50,580 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total transaction of 2,981,185.20. Following the transaction, the chief financial officer now directly owns 631,080 shares of the company’s stock, valued at 37,195,855.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 42,299 shares of the stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total transaction of 2,493,103.06. Following the completion of the sale, the chief executive officer now owns 689,157 shares of the company’s stock, valued at 40,618,913.58. The disclosure for this sale can be found here. Insiders sold a total of 192,689 shares of company stock valued at $11,357,090 in the last three months.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC acquired a new position in Reddit in the 1st quarter valued at $27,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit during the 1st quarter worth $37,000. SOA Wealth Advisors LLC. purchased a new stake in shares of Reddit during the 2nd quarter worth $78,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Reddit during the 1st quarter worth $63,000. Finally, UMB Bank n.a. purchased a new stake in shares of Reddit during the 2nd quarter worth $88,000.

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.