Bank of America Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price objective increased by Bank of America from $84.00 to $99.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other analysts have also recently weighed in on RDDT. The Goldman Sachs Group upped their price target on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Needham & Company LLC increased their target price on shares of Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday. JMP Securities restated a “market outperform” rating and issued a $84.00 price target on shares of Reddit in a research report on Tuesday, July 30th. Sanford C. Bernstein upped their price objective on shares of Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Monday, July 22nd. Finally, B. Riley lifted their target price on shares of Reddit from $75.00 to $87.00 and gave the company a “buy” rating in a research note on Monday, October 21st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $89.72.

Reddit Price Performance

Shares of Reddit stock opened at $116.03 on Wednesday. Reddit has a 52-week low of $37.35 and a 52-week high of $118.25. The company’s fifty day moving average price is $67.80 and its two-hundred day moving average price is $61.21.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, research analysts anticipate that Reddit will post -4.05 EPS for the current year.

Insider Buying and Selling at Reddit

In other news, Director Mary Porter Gale sold 15,000 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 101,459 shares in the company, valued at $5,349,933.07. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Mary Porter Gale sold 15,000 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $52.73, for a total value of $790,950.00. Following the sale, the director now directly owns 101,459 shares in the company, valued at $5,349,933.07. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Christopher Brian Slowe sold 21,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total transaction of $1,133,790.00. Following the transaction, the chief technology officer now owns 339,295 shares of the company’s stock, valued at approximately $18,318,537.05. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 390,327 shares of company stock worth $23,503,224.

Institutional Trading of Reddit

Several hedge funds have recently added to or reduced their stakes in the business. DekaBank Deutsche Girozentrale bought a new stake in shares of Reddit in the first quarter worth about $7,363,000. Commonwealth Equity Services LLC bought a new stake in Reddit during the 1st quarter worth approximately $1,111,000. VY Capital Management Co. Ltd. acquired a new stake in Reddit during the 3rd quarter worth approximately $474,403,000. Claro Advisors LLC bought a new position in Reddit in the third quarter valued at approximately $2,557,000. Finally, BNP Paribas Financial Markets acquired a new position in shares of Reddit in the first quarter valued at approximately $37,000.

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.