The Goldman Sachs Group Increases Reddit (NYSE:RDDT) Price Target to $68.00

Reddit (NYSE:RDDT) had its price target upped by The Goldman Sachs Group from $60.00 to $68.00 in a research note published on Monday, Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities analysts have also weighed in on the company. JPMorgan Chase & Co. upped their target price on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Sanford C. Bernstein increased 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. Needham & Company LLC increased their price objective on Reddit from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Piper Sandler increased their price objective on Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Finally, Jefferies Financial Group started coverage on Reddit in a research report on Wednesday, October 9th. They set a “buy” rating and a $90.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $70.28.

Reddit Stock Performance

Shares of NYSE RDDT opened at $77.26 on Monday. The stock’s 50-day simple moving average is $62.17 and its two-hundred day simple moving average is $58.61. Reddit has a twelve month low of $37.35 and a twelve month high of $78.08.

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

Insider Activity at Reddit

In related news, Director Mary Porter Gale sold 15,000 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the completion of the sale, the director now directly owns 101,459 shares in the company, valued at $5,349,933.07. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Reddit news, Director Mary Porter Gale sold 15,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $52.73, for a total value of $790,950.00. Following the completion of the sale, the director now owns 101,459 shares in the company, valued at approximately $5,349,933.07. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing 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 that occurred on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total value of $648,000.00. Following the completion of the sale, the chief accounting officer now owns 71,162 shares of the company’s stock, valued at approximately $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 worth $19,517,419 in the last ninety days.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently bought and sold shares of RDDT. BNP Paribas Financial Markets bought a new position in shares of Reddit in the 1st quarter worth approximately $37,000. ANTIPODES PARTNERS Ltd bought a new position in shares of Reddit in the 1st quarter worth approximately $63,000. SOA Wealth Advisors LLC. bought a new position in shares of Reddit in the 2nd quarter worth approximately $78,000. Sandia Investment Management LP bought a new position in shares of Reddit in the 1st quarter worth approximately $79,000. Finally, UMB Bank n.a. bought a new position in shares of Reddit in the 2nd quarter worth approximately $88,000.

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.