Robert W. Baird Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price objective increased by investment analysts at Robert W. Baird from $160.00 to $185.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Robert W. Baird’s price objective indicates a potential downside of 5.79% from the company’s previous close.

A number of other brokerages have also recently commented on RDDT. Roth Capital cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. JMP Securities lifted their price objective on shares of Reddit from $160.00 to $190.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. Morgan Stanley upgraded shares of Reddit from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $70.00 to $200.00 in a research note on Monday, December 9th. Bank of America boosted their price target on Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a research report on Wednesday, January 8th. Finally, Roth Mkm cut Reddit from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. 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 given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $175.45.

Reddit Price Performance

Shares of RDDT opened at $196.37 on Thursday. Reddit has a 1-year low of $37.35 and a 1-year high of $230.41. The stock has a market cap of $34.48 billion and a PE ratio of -25.40. The firm has a fifty day moving average price of $181.65 and a 200 day moving average price of $117.91.

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

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $141.79, for a total value of $1,985,060.00. Following the completion of the transaction, the chief executive officer now directly owns 634,971 shares of the company’s stock, valued at $90,032,538.09. This trade represents a 2.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $128.13, for a total value of $4,270,957.29. Following the sale, the chief operating officer now owns 1,542,457 shares in the company, valued at approximately $197,635,015.41. The trade was a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 245,357 shares of company stock worth $39,357,388.

Hedge Funds Weigh In On Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ridgewood Investments LLC increased its stake in shares of Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Proficio Capital Partners LLC increased its position in Reddit by 2.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after buying an additional 120 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock worth $40,000 after acquiring an additional 147 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Reddit by 10.8% in the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after acquiring an additional 150 shares in the last quarter. Finally, Foundations Investment Advisors LLC boosted its stake in shares of Reddit by 3.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock valued at $870,000 after acquiring an additional 155 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.