Reddit (NYSE:RDDT) Price Target Raised to $176.00

Reddit (NYSE:RDDT) had its price target upped by stock analysts at The Goldman Sachs Group from $105.00 to $176.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 3.25% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Citigroup lifted their price objective on Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, December 20th. JMP Securities lifted their price target on Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a report on Monday, November 25th. Bank of America increased their price objective on shares of Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a report on Wednesday, January 8th. Roth Mkm boosted their target price on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Raymond James increased their price target on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $148.25.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $170.46 on Tuesday. The company’s fifty day moving average is $155.39 and its 200-day moving average is $98.65. Reddit has a 52 week low of $37.35 and a 52 week high of $187.69.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The firm’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Reddit will post -3.46 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In related news, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the completion of the transaction, the chief operating officer now owns 1,504,297 shares in the company, valued at approximately $265,102,260.31. The trade was a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Andrew Vollero sold 19,838 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the sale, the chief financial officer now directly owns 703,615 shares of the company’s stock, valued at $100,771,740.30. The trade was a 2.74 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 217,023 shares of company stock worth $31,699,295.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ridgewood Investments LLC raised its position in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the period. Whittier Trust Co. bought a new stake in Reddit during the 3rd quarter worth approximately $42,000. AdvisorNet Financial Inc raised its holdings in Reddit by 41.9% during the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock worth $111,000 after buying an additional 201 shares during the period. Daiwa Securities Group Inc. bought a new position in Reddit in the third quarter valued at approximately $85,000. Finally, SOA Wealth Advisors LLC. boosted 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 during the period.

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.