Reddit (NYSE:RDDT) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Reddit (NYSE:RDDT) had its target price boosted by investment analysts at Needham & Company LLC from $190.00 to $220.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 1.40% from the stock’s current price.

Several other brokerages have also recently commented on RDDT. The Goldman Sachs Group boosted their price target on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. Guggenheim began coverage on shares of Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 price target on the stock. Raymond James lifted their price objective on shares of Reddit from $200.00 to $250.00 and gave the company a “strong-buy” rating in a research note on Monday. Loop Capital upped their price objective on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. Finally, Robert W. Baird raised their target price on Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $165.45.

Reddit Stock Performance

RDDT stock opened at $216.96 on Thursday. The firm has a 50 day simple moving average of $180.60 and a 200 day simple moving average of $117.29. Reddit has a 52 week low of $37.35 and a 52 week high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate 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, sell-side analysts forecast that Reddit will post -3.45 earnings per share for the current year.

Insider Activity

In related news, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $173.93, for a total value of $5,797,782.62. Following the sale, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at $261,642,377.21. The trade was a 2.17 % 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 stock in a transaction dated 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 $82,110,614.50. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 259,357 shares of company stock worth $41,121,108.

Institutional Trading of Reddit

Several institutional investors have recently bought and sold shares of RDDT. FMR LLC lifted its holdings in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after acquiring an additional 9,139,196 shares during the period. Vanguard Group Inc. lifted its holdings in Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after purchasing an additional 5,950,909 shares during the last quarter. Jennison Associates LLC acquired a new position in Reddit in the fourth quarter valued at about $494,861,000. Alliancebernstein L.P. grew its stake in Reddit by 1,011.1% during the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after buying an additional 2,537,768 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its stake in shares of Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after acquiring an additional 2,225,895 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.