Reddit (NYSE:RDDT) PT Raised to $70.00

Reddit (NYSE:RDDT) had its target price raised by Piper Sandler from $65.00 to $70.00 in a research report report published on Wednesday, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research analysts have also recently commented on the stock. Bank of America assumed coverage on shares of Reddit in a research report on Tuesday, April 16th. They set a neutral rating and a $46.00 target price on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on Reddit from $62.00 to $65.00 and gave the stock a buy rating in a research report on Friday, May 17th. Morgan Stanley increased their price target on Reddit from $63.00 to $70.00 and gave the company an equal weight rating in a report on Tuesday, July 23rd. Loop Capital upgraded Reddit from a hold rating to a buy rating and set a $75.00 price objective on the stock in a report on Thursday, August 1st. Finally, Roth Mkm increased their target price on Reddit from $61.00 to $67.00 and gave the company a buy rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $65.56.

Reddit Stock Performance

NYSE:RDDT opened at $52.91 on Wednesday. The company has a 50-day moving average price of $63.12. Reddit has a 12-month low of $37.35 and a 12-month high of $78.08.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.25. The business had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. During the same quarter in the previous year, the business posted ($0.70) EPS. The company’s quarterly revenue was up 53.6% on a year-over-year basis. Analysts forecast that Reddit will post -4.68 earnings per share for the current year.

Insider Buying and Selling

In other Reddit news, CAO Michelle Marie Reynolds sold 6,618 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $58.94, for a total value of $390,064.92. Following the sale, the chief accounting officer now directly owns 89,795 shares in the company, valued at $5,292,517.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Michelle Marie Reynolds sold 6,618 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $58.94, for a total value of $390,064.92. Following the completion of the transaction, the chief accounting officer now directly owns 89,795 shares of the company’s stock, valued at approximately $5,292,517.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Vollero sold 50,580 shares of the firm’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 value of $2,981,185.20. Following the completion of the sale, the chief financial officer now owns 631,080 shares in the company, valued at $37,195,855.20. The disclosure for this sale can be found here. Insiders sold a total of 192,689 shares of company stock worth $11,357,090 in the last three months.

Institutional Investors Weigh In On Reddit

Several institutional investors have recently bought and sold shares of RDDT. DekaBank Deutsche Girozentrale bought a new stake in shares of Reddit during the 1st quarter worth about $7,363,000. Commonwealth Equity Services LLC bought a new stake in Reddit during the first quarter worth approximately $1,111,000. BNP Paribas Financial Markets acquired a new stake in Reddit in the first quarter worth approximately $37,000. Vanguard Group Inc. bought a new position in Reddit during the 1st quarter valued at $82,167,000. Finally, Bamco Inc. NY acquired a new position in shares of Reddit during the 1st quarter valued at $14,796,000.

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.