Reddit (NYSE:RDDT) PT Raised to $80.00 at Raymond James

Reddit (NYSE:RDDT) had its price objective hoisted by Raymond James from $70.00 to $80.00 in a research note released on Thursday, Benzinga reports. Raymond James currently has a strong-buy rating on the stock.

RDDT has been the subject of several other research reports. Loop Capital raised Reddit from a hold rating to a buy rating and set a $75.00 price target for the company in a research note on Thursday, August 1st. B. Riley initiated coverage on Reddit in a research report on Friday, September 20th. They issued a buy rating and a $75.00 price target on the stock. Sanford C. Bernstein upped their price objective on Reddit from $45.00 to $50.00 and gave the company an underperform rating in a research report on Monday, July 22nd. JMP Securities reiterated a market outperform rating and set a $84.00 target price on shares of Reddit in a research note on Tuesday, July 30th. Finally, Jefferies Financial Group began coverage on Reddit in a research note on Wednesday, October 9th. They issued a buy rating and a $90.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Reddit has a consensus rating of Moderate Buy and a consensus target price of $69.56.

Reddit Stock Performance

Shares of RDDT stock opened at $73.25 on Thursday. Reddit has a twelve month low of $37.35 and a twelve month high of $78.08. The stock’s fifty day simple moving average is $60.86 and its 200 day simple moving average is $58.12.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. During the same quarter in the previous year, the company posted ($0.70) EPS. The firm’s revenue was up 53.6% on a year-over-year basis. On average, equities analysts anticipate that Reddit will post -4.11 EPS for the current year.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 6,714 shares of Reddit stock in a transaction on Friday, August 30th. The shares were sold at an average price of $59.84, for a total transaction of $401,765.76. Following the sale, the chief executive officer now owns 658,352 shares in the company, valued at $39,395,783.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Andrew Vollero sold 11,287 shares of Reddit stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the completion of the transaction, the chief financial officer now directly owns 840,379 shares of the company’s stock, valued at $53,784,256. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 6,714 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $59.84, for a total value of $401,765.76. Following the sale, the chief executive officer now directly owns 658,352 shares of the company’s stock, valued at $39,395,783.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 337,993 shares of company stock worth $19,517,419.

Institutional Investors Weigh In On Reddit

Several institutional investors have recently bought and sold shares of the company. Congress Park Capital LLC acquired a new position in Reddit in the 1st quarter valued at $279,000. Commonwealth Equity Services LLC acquired a new position in Reddit in the 1st quarter valued at $1,111,000. BNP Paribas Financial Markets acquired a new position in Reddit in the 1st quarter valued at $37,000. SG Americas Securities LLC acquired a new stake in shares of Reddit during the 1st quarter worth $265,000. Finally, ANTIPODES PARTNERS Ltd acquired a new stake in shares of Reddit during the 1st quarter worth $63,000.

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.