Reddit (NYSE:RDDT) Price Target Raised to $99.00

Reddit (NYSE:RDDT) had its price objective boosted by Bank of America from $84.00 to $99.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other analysts have also recently issued reports about the company. Needham & Company LLC boosted their price target on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday. Raymond James raised their price objective on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. JPMorgan Chase & Co. increased their price target on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Cannonball Research assumed coverage on Reddit in a research report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective on the stock. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $84.00 price target on shares of Reddit in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of $89.72.

Reddit Stock Down 5.3 %

Shares of RDDT opened at $112.98 on Wednesday. Reddit has a 1-year low of $37.35 and a 1-year high of $123.60. The firm’s 50-day moving average price is $70.13 and its 200-day moving average price is $62.12.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The business’s revenue was up 67.9% compared to the same quarter last year. Sell-side analysts anticipate that Reddit will post -4.05 earnings per share for the current year.

Insider Transactions at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of Reddit stock in a transaction on 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 sale, the insider now directly owns 194,473 shares in the company, valued at approximately $10,499,597.27. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Reddit news, COO Jennifer L. Wong sold 50,000 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at $100,275,129.57. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Benjamin Seong Lee sold 45,807 shares of the business’s stock in a transaction that occurred 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 sale, the insider now directly owns 194,473 shares in the company, valued at $10,499,597.27. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 390,327 shares of company stock valued at $23,503,224 over the last 90 days.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Long Walk Management LP raised its stake in shares of Reddit by 28.3% in the third quarter. Long Walk Management LP now owns 715,000 shares of the company’s stock valued at $47,133,000 after acquiring an additional 157,500 shares during the period. Proficio Capital Partners LLC bought a new stake in Reddit in the third quarter worth about $382,000. Objective Capital Management LLC bought a new position in shares of Reddit during the third quarter valued at approximately $391,000. SpiderRock Advisors LLC purchased a new stake in Reddit in the third quarter worth $3,485,000. Finally, ARK Investment Management LLC grew its holdings in shares of Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after purchasing an additional 192,785 shares during 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.