Bank of America Forecasts Strong Price Appreciation for Reddit (NYSE:RDDT) Stock

Reddit (NYSE:RDDT) had its price objective raised by Bank of America from $99.00 to $180.00 in a report issued on Wednesday morning,Benzinga reports. Bank of America currently has a neutral rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Guggenheim began coverage on shares of Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective on the stock. Robert W. Baird lifted their target price on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. The Goldman Sachs Group raised their price objective on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Jefferies Financial Group upped their target price on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Finally, Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $70.00 to $200.00 in a research note on Monday, December 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $136.75.

Reddit Stock Performance

Shares of RDDT opened at $172.08 on Wednesday. The firm’s 50-day moving average is $151.29 and its two-hundred day moving average is $95.44. Reddit has a twelve month low of $37.35 and a twelve month high of $187.69.

Reddit (NYSE:RDDT) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm’s revenue was up 67.9% compared to the same quarter last year. On average, sell-side analysts predict that Reddit will post -3.46 earnings per share for the current year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $101,577,760.02. The trade was a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the transaction, the chief technology officer now directly owns 30,068 shares of the company’s stock, valued at $2,329,668.64. This trade represents a 14.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 264,357 shares of company stock valued at $35,297,700.

Hedge Funds Weigh In On Reddit

Several hedge funds have recently modified their holdings of RDDT. Whittier Trust Co. acquired a new position in shares of Reddit in the 3rd quarter worth approximately $42,000. Daiwa Securities Group Inc. acquired a new position in Reddit in the third quarter worth approximately $85,000. SOA Wealth Advisors LLC. increased its holdings in shares of Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after buying an additional 691 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Reddit during the 3rd quarter valued at $144,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Reddit during the 2nd quarter worth $203,000.

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.