Reddit (NYSE:RDDT) PT Raised to $90.00 at Loop Capital

Reddit (NYSE:RDDT) had its target price boosted by research analysts at Loop Capital from $80.00 to $90.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Loop Capital’s price target indicates a potential upside of 11.11% from the company’s current price.

A number of other research firms have also recently issued reports on RDDT. B. Riley boosted their price objective on shares of Reddit from $75.00 to $87.00 and gave the company a “buy” rating in a research report on Monday. Jefferies Financial Group boosted their price target on shares of Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday. Needham & Company LLC boosted their price target on shares of Reddit from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Cannonball Research began coverage on shares of Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price target on the stock. Finally, Roth Mkm boosted their price target on shares of Reddit from $66.00 to $89.00 and gave the company a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Reddit has a consensus rating of “Moderate Buy” and an average target price of $73.61.

Reddit Price Performance

Shares of RDDT stock traded up $2.40 during mid-day trading on Friday, reaching $81.00. The stock had a trading volume of 2,413,364 shares, compared to its average volume of 4,378,892. The stock’s 50-day moving average price is $65.04 and its two-hundred day moving average price is $59.82. Reddit has a 52-week low of $37.35 and a 52-week high of $81.46.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. During the same quarter in the previous year, the firm posted ($0.70) EPS. Reddit’s revenue was up 53.6% compared to the same quarter last year. As a group, equities analysts predict that Reddit will post -4.1 earnings per share for the current year.

Insider Transactions at Reddit

In other news, Director Mary Porter Gale sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $52.31, for a total value of $1,569,300.00. Following the transaction, the director now owns 71,459 shares in the company, valued at approximately $3,738,020.29. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Mary Porter Gale sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were 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 directly owns 71,459 shares of the company’s stock, valued at $3,738,020.29. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Andrew Vollero sold 11,287 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total transaction of $722,368.00. Following 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 390,327 shares of company stock worth $23,503,224.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. VY Capital Management Co. Ltd. purchased a new stake in Reddit during the third quarter valued at approximately $474,403,000. Inclusive Capital Partners L.P. purchased a new stake in Reddit during the first quarter valued at approximately $103,051,000. Vanguard Group Inc. purchased a new stake in Reddit during the first quarter valued at approximately $82,167,000. Bank of New York Mellon Corp increased its holdings in Reddit by 10.1% during the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after buying an additional 153,282 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after buying an additional 457,588 shares during the last quarter.

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.