Reddit (NYSE:RDDT) Price Target Raised to $220.00 at Piper Sandler

Reddit (NYSE:RDDT) had its price objective boosted by equities researchers at Piper Sandler from $210.00 to $220.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 26.69% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Loop Capital boosted their price target on shares of Reddit from $180.00 to $210.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Morgan Stanley boosted their target price on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Guggenheim initiated coverage on Reddit in a report on Friday, December 20th. They set a “buy” rating and a $210.00 price target on the stock. Robert W. Baird lifted their price objective on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Finally, Needham & Company LLC boosted their price objective on Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $175.95.

Reddit Trading Down 1.0 %

RDDT opened at $173.65 on Friday. The stock’s 50-day moving average price is $184.25 and its 200 day moving average price is $122.41. Reddit has a 12-month low of $37.35 and a 12-month high of $230.41. The firm has a market cap of $30.49 billion and a price-to-earnings ratio of -22.83.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, research analysts forecast that Reddit will post 1.12 earnings per share for the current year.

Insider Activity at Reddit

In related news, CFO Andrew Vollero sold 19,838 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $143.22, for a total value of $2,841,198.36. Following the completion of the sale, the chief financial officer now owns 703,615 shares in the company, valued at $100,771,740.30. This represents a 2.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the sale, the chief executive officer now owns 620,971 shares of the company’s stock, valued at approximately $109,415,090.20. This represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 219,838 shares of company stock valued at $38,201,526 in the last three months.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp acquired a new stake in Reddit during the 4th quarter worth approximately $316,000. Cache Advisors LLC acquired a new stake in shares of Reddit during the fourth quarter worth $3,269,000. GF Fund Management CO. LTD. purchased a new position in Reddit in the 4th quarter valued at $7,674,000. Fourth Dimension Wealth LLC acquired a new position in Reddit in the 4th quarter valued at $49,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in Reddit in the 4th quarter valued at $149,000.

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.