Reddit (NYSE:RDDT) Given New $120.00 Price Target at Citigroup

Reddit (NYSE:RDDT) had its target price increased by equities researchers at Citigroup from $70.00 to $120.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 3.13% from the stock’s current price.

RDDT has been the topic of a number of other research reports. Jefferies Financial Group raised their target price on Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Raymond James raised their target price 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. raised their target price on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. B. Riley reiterated a “buy” rating and set a $112.00 price target (up from $87.00) on shares of Reddit in a report on Wednesday. Finally, JMP Securities reissued a “market outperform” rating and issued a $84.00 target price on shares of Reddit in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $89.72.

Reddit Stock Up 42.4 %

NYSE:RDDT traded up $34.62 on Wednesday, hitting $116.36. The stock had a trading volume of 31,997,016 shares, compared to its average volume of 4,636,178. The business’s fifty day moving average is $66.61 and its 200 day moving average is $60.82. Reddit has a 52 week low of $37.35 and a 52 week high of $117.63.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The company’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, research analysts forecast that Reddit will post -4.05 EPS for the current fiscal year.

Insider Activity at Reddit

In related news, COO Jennifer L. Wong sold 50,000 shares of Reddit stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $100,275,129.57. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Reddit news, COO Jennifer L. Wong sold 50,000 shares of Reddit stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $100,275,129.57. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mary Porter Gale sold 15,000 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $52.73, for a total value of $790,950.00. Following the completion of the sale, the director now directly owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 390,327 shares of company stock valued at $23,503,224.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets purchased a new position in Reddit during the 1st quarter valued at about $37,000. Whittier Trust Co. purchased a new position in shares of Reddit during the 3rd quarter worth approximately $42,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of Reddit during the 1st quarter worth approximately $63,000. SOA Wealth Advisors LLC. purchased a new position in shares of Reddit during the 2nd quarter worth approximately $78,000. Finally, Sandia Investment Management LP purchased a new position in shares of Reddit during the 1st quarter worth approximately $79,000.

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.