Reddit (NYSE:RDDT) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Reddit (NYSE:RDDT) had its price target upped by Robert W. Baird from $160.00 to $185.00 in a research note published on Thursday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts also recently weighed in on RDDT. Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Seaport Res Ptn raised Reddit to a “hold” rating in a report on Thursday, February 6th. Morgan Stanley raised shares of Reddit from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $70.00 to $200.00 in a research note on Monday, December 9th. Loop Capital boosted their price target on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Finally, Roth Mkm lowered shares of Reddit from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $175.45.

Reddit Stock Down 4.2 %

Reddit stock opened at $196.37 on Thursday. Reddit has a 12-month low of $37.35 and a 12-month high of $230.41. The stock has a 50-day simple moving average of $182.33 and a 200 day simple moving average of $118.85.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Sell-side analysts anticipate that Reddit will post -3.45 EPS for the current year.

Insider Activity at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $173.93, for a total value of $5,797,782.62. Following the sale, the chief operating officer now directly owns 1,504,297 shares in the company, valued at $261,642,377.21. The trade was a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $141.79, for a total value of $1,985,060.00. Following the transaction, the chief executive officer now owns 634,971 shares of the company’s stock, valued at approximately $90,032,538.09. The trade was a 2.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 245,357 shares of company stock valued at $39,357,388.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently made changes to their positions in RDDT. Plato Investment Management Ltd bought a new position in Reddit in the fourth quarter valued at $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit during the 4th quarter worth about $28,000. Ridgewood Investments LLC boosted its stake in shares of Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new position in shares of Reddit in the 4th quarter valued at about $33,000. Finally, Bogart Wealth LLC acquired a new stake in shares of Reddit in the fourth quarter valued at about $33,000.

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.