Reddit (NYSE:RDDT) Price Target Raised to $85.00 at Needham & Company LLC

Reddit (NYSE:RDDT) had its price target increased by Needham & Company LLC from $75.00 to $85.00 in a research report report published on Wednesday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other research analysts have also weighed in on the company. Loop Capital upgraded Reddit from a hold rating to a buy rating and set a $75.00 target price on the stock in a report on Thursday, August 1st. JMP Securities reissued a market outperform rating and set a $84.00 target price on shares of Reddit in a research note on Tuesday, July 30th. Cannonball Research started coverage on shares of Reddit in a research report on Tuesday, August 6th. They set a buy rating and a $67.00 price objective for the company. Bank of America increased their target price on Reddit from $57.00 to $60.00 and gave the stock a neutral rating in a report on Wednesday, August 7th. Finally, B. Riley began coverage on Reddit in a report on Friday, September 20th. They set a buy rating and a $75.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $69.56.

Reddit Stock Up 4.7 %

Shares of RDDT stock opened at $73.19 on Wednesday. The firm’s 50 day moving average price is $60.86 and its two-hundred day moving average price is $58.17. Reddit has a 52-week low of $37.35 and a 52-week high of $78.08.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. The company’s revenue for the quarter was up 53.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.70) EPS. As a group, sell-side analysts expect that Reddit will post -4.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93. Following the transaction, the insider now directly owns 194,473 shares of the company’s stock, valued at $10,499,597.27. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value of $2,473,119.93. Following the transaction, the insider now directly owns 194,473 shares of the company’s stock, valued at $10,499,597.27. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $66.20, for a total transaction of $926,800.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at $43,147,505. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 337,993 shares of company stock valued at $19,517,419 over the last ninety days.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently added to or reduced their stakes in RDDT. DekaBank Deutsche Girozentrale bought a new stake in shares of Reddit during the 1st quarter worth $7,363,000. Commonwealth Equity Services LLC bought a new position in Reddit in the 1st quarter valued at approximately $1,111,000. BNP Paribas Financial Markets acquired a new stake in Reddit in the first quarter valued at approximately $37,000. Vanguard Group Inc. bought a new stake in shares of Reddit during the first quarter worth $82,167,000. Finally, Maverick Capital Ltd. increased its holdings in shares of Reddit by 147.4% during the second quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock worth $47,416,000 after buying an additional 442,145 shares in the last quarter.

Reddit Company Profile

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.