Reddit (NYSE:RDDT) Price Target Raised to $190.00 at Bank of America

Reddit (NYSE:RDDT) had its target price raised by equities research analysts at Bank of America from $180.00 to $190.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s target price suggests a potential downside of 12.43% from the company’s current price.

Other analysts have also issued reports about the stock. Raymond James increased their price objective on shares of Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a research report on Monday. Sanford C. Bernstein increased their price target on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Piper Sandler boosted their price objective on Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a report on Tuesday, January 14th. Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Finally, Loop Capital lifted their target price on Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $165.95.

Reddit Price Performance

NYSE RDDT opened at $216.96 on Thursday. The business’s 50 day moving average price is $180.60 and its 200-day moving average price is $117.29. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. On average, equities research analysts expect that Reddit will post -3.45 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total transaction of $920,750.00. Following the transaction, the chief technology officer now owns 35,252 shares in the company, valued at $6,491,655.80. This represents a 12.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at approximately $82,110,614.50. This represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 259,357 shares of company stock valued at $41,121,108 over the last 90 days.

Institutional Trading of Reddit

Large investors have recently added to or reduced their stakes in the company. Truist Financial Corp acquired a new stake in Reddit during the 2nd quarter valued at approximately $266,000. Claro Advisors LLC acquired a new position in Reddit in the third quarter valued at approximately $2,557,000. Raymond James & Associates boosted its position in Reddit by 60.3% in the 3rd quarter. Raymond James & Associates now owns 68,374 shares of the company’s stock worth $4,507,000 after purchasing an additional 25,733 shares in the last quarter. TB Alternative Assets Ltd. purchased a new stake in Reddit in the 3rd quarter worth approximately $2,003,000. Finally, Whittier Trust Co. acquired a new stake in shares of Reddit during the 3rd quarter worth approximately $42,000.

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.