Reddit (NYSE:RDDT) Price Target Raised to $160.00 at Robert W. Baird

Reddit (NYSE:RDDT) had its price target lifted by analysts at Robert W. Baird from $100.00 to $160.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Robert W. Baird’s target price suggests a potential upside of 2.71% from the stock’s previous close.

RDDT has been the subject of a number of other research reports. Citigroup increased their price target on Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. JMP Securities raised their target price on shares of Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a report on Monday, November 25th. B. Riley restated a “buy” rating and set a $112.00 price target (up previously from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 price objective (up previously from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus target price of $119.89.

Reddit Stock Performance

NYSE:RDDT opened at $155.78 on Wednesday. The company has a 50-day moving average of $112.11 and a 200-day moving average of $79.25. Reddit has a twelve month low of $37.35 and a twelve month high of $180.74.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) 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 analyst estimates of $313.61 million. The business’s revenue for the quarter was up 67.9% on a year-over-year basis. Analysts forecast that Reddit will post -3.54 earnings per share for the current year.

Insider Activity

In related news, COO Jennifer L. Wong sold 50,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $100,275,129.57. The trade was a 3.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $141.79, for a total value of $1,985,060.00. Following the completion of the sale, the chief executive officer now directly owns 634,971 shares in the company, valued at $90,032,538.09. This trade represents a 2.16 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 325,644 shares of company stock worth $31,195,790.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Whittier Trust Co. bought a new position in Reddit during the third quarter worth $42,000. SOA Wealth Advisors LLC. bought a new position in shares of Reddit during the 2nd quarter worth about $78,000. Daiwa Securities Group Inc. acquired a new position in shares of Reddit during the third quarter valued at about $85,000. UMB Bank n.a. bought a new stake in shares of Reddit in the second quarter valued at about $88,000. Finally, Sanctuary Advisors LLC acquired a new stake in Reddit during the third quarter worth about $144,000.

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.