Reddit (NYSE:RDDT) Price Target Raised to $116.00 at Roth Mkm

Reddit (NYSE:RDDT) had its target price raised by Roth Mkm from $89.00 to $116.00 in a research report sent to investors on Wednesday, Benzinga reports. Roth Mkm currently has a buy rating on the stock.

A number of other research analysts have also recently weighed in on RDDT. Needham & Company LLC lifted their price objective on shares of Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday. Loop Capital lifted their price objective on shares of Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, October 25th. JMP Securities reaffirmed a “market outperform” rating and issued a $84.00 price objective on shares of Reddit in a report on Tuesday, July 30th. Cannonball Research began coverage on shares of Reddit in a report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective for the company. Finally, Sanford C. Bernstein upped their price target on shares of Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $89.72.

Reddit Price Performance

Shares of Reddit stock opened at $112.98 on Wednesday. The firm has a fifty day moving average price of $70.13 and a 200 day moving average price of $62.27. Reddit has a 1 year low of $37.35 and a 1 year high of $123.60.

Reddit (NYSE:RDDT) last issued its 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 during the quarter, compared to analysts’ expectations of $313.61 million. The business’s revenue for the quarter was up 67.9% on a year-over-year basis. As a group, equities analysts expect that Reddit will post -4.05 EPS for the current year.

Insider Activity at Reddit

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the sale, the chief technology officer now owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the sale, the chief technology officer now owns 30,068 shares of the company’s stock, valued at $2,329,668.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 transaction of $790,950.00. Following the completion of the sale, the director now directly owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 390,327 shares of company stock valued at $23,503,224.

Institutional Trading of Reddit

Several hedge funds have recently made changes to their positions in the company. StoneCrest Wealth Management Inc. grew its stake in shares of Reddit by 2.6% in the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock valued at $451,000 after buying an additional 176 shares during the period. Whittier Trust Co. purchased a new position in shares of Reddit during the 3rd quarter worth approximately $42,000. BNP Paribas Financial Markets purchased a new position in shares of Reddit during the 1st quarter worth approximately $37,000. Vestor Capital LLC boosted its position in shares of Reddit by 1.1% during the 3rd quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after purchasing an additional 922 shares during the period. Finally, SOA Wealth Advisors LLC. purchased a new position in shares of Reddit during the 2nd quarter worth approximately $78,000.

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.