Reddit (NYSE:RDDT) PT Raised to $85.00

Reddit (NYSE:RDDT) had its price target lifted by stock analysts at Needham & Company LLC from $75.00 to $85.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target indicates a potential upside of 21.60% from the stock’s previous close.

RDDT has been the topic of several other reports. B. Riley started coverage on Reddit in a research report on Friday, September 20th. They issued a “buy” rating and a $75.00 target price on the stock. Bank of America increased their target price on Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Roth Mkm dropped their target price on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. JMP Securities reissued a “market outperform” rating and issued a $84.00 price target on shares of Reddit in a research note on Tuesday, July 30th. Finally, JPMorgan Chase & Co. increased their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday. One 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 company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $69.56.

Reddit Price Performance

RDDT stock opened at $69.90 on Wednesday. Reddit has a 12-month low of $37.35 and a 12-month high of $78.08. The stock’s 50 day simple moving average is $60.55 and its 200 day simple moving average is $58.07.

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

Insider Activity at Reddit

In related news, Director Mary Porter Gale sold 30,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the completion of the transaction, the director now owns 71,459 shares of the company’s stock, valued at $3,738,020.29. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Mary Porter Gale sold 30,000 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $52.31, for a total value of $1,569,300.00. Following the completion of the transaction, the director now owns 71,459 shares in the company, valued at $3,738,020.29. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Michelle Marie Reynolds sold 12,000 shares of the stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 71,162 shares of the company’s stock, valued at $3,842,748. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 337,993 shares of company stock valued at $19,517,419 over the last 90 days.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently bought and sold shares of the business. VY Capital Management Co. Ltd. purchased a new stake in Reddit in the 3rd quarter worth about $474,403,000. Carnegie Investment Counsel lifted its stake in Reddit by 34.7% in the 3rd quarter. Carnegie Investment Counsel now owns 170,125 shares of the company’s stock worth $11,215,000 after acquiring an additional 43,840 shares in the last quarter. Paragon Capital Management Ltd purchased a new stake in Reddit in the 3rd quarter worth about $204,000. Beaumont Financial Advisors LLC purchased a new stake in Reddit in the 3rd quarter worth about $388,000. Finally, LifePro Asset Management purchased a new stake in shares of Reddit during the 3rd quarter worth about $2,389,000.

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.