Needham & Company LLC Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its target price boosted by Needham & Company LLC from $85.00 to $120.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts also recently weighed in on the stock. Morgan Stanley upped their target price on shares of Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Roth Mkm upped their price target on shares of Reddit from $66.00 to $89.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Raymond James upped their price target on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 10th. Cannonball Research initiated coverage on shares of Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price target on the stock. Finally, B. Riley upped their price target on shares of Reddit from $75.00 to $87.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $89.72.

Reddit Stock Up 42.0 %

NYSE:RDDT opened at $116.03 on Wednesday. The firm’s 50-day moving average price is $67.80 and its 200-day moving average price is $61.21. Reddit has a 1-year low of $37.35 and a 1-year high of $118.25.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The firm’s revenue was up 67.9% on a year-over-year basis. As a group, sell-side analysts predict that Reddit will post -4.05 EPS for the current fiscal year.

Insider Transactions at Reddit

In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total value of $648,000.00. Following the transaction, the chief accounting officer now owns 71,162 shares in the company, valued at $3,842,748. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the sale, the chief technology officer now directly owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Michelle Marie Reynolds sold 12,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total transaction of $648,000.00. Following the completion of the sale, the chief accounting officer now directly owns 71,162 shares of the company’s stock, valued at $3,842,748. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 390,327 shares of company stock worth $23,503,224 in the last quarter.

Institutional Investors Weigh In On Reddit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. StoneCrest Wealth Management Inc. grew its holdings in Reddit by 2.6% during the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock valued at $451,000 after buying an additional 176 shares in the last quarter. Whittier Trust Co. purchased a new stake in Reddit during the 3rd quarter valued at approximately $42,000. BNP Paribas Financial Markets purchased a new stake in Reddit during the 1st quarter valued at approximately $37,000. Vestor Capital LLC grew its holdings in Reddit by 1.1% during the 3rd quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock valued at $5,589,000 after buying an additional 922 shares in the last quarter. Finally, SOA Wealth Advisors LLC. purchased a new stake in Reddit during the 2nd quarter valued at approximately $78,000.

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.