Reddit (NYSE:RDDT) Price Target Raised to $190.00

Reddit (NYSE:RDDT) had its target price hoisted by Bank of America from $180.00 to $190.00 in a research note published on Thursday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts also recently weighed in on RDDT. Seaport Res Ptn upgraded Reddit to a “hold” rating in a report on Thursday, February 6th. Citigroup raised their target price on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a report on Friday, December 20th. Needham & Company LLC increased their price objective on shares of Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday. B. Riley raised their price objective on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Finally, Morgan Stanley boosted their target price on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday. One investment 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $175.45.

Reddit Trading Down 4.2 %

Shares of NYSE:RDDT opened at $196.37 on Thursday. The firm’s 50-day moving average is $182.33 and its two-hundred day moving average is $119.28. Reddit has a 1 year low of $37.35 and a 1 year high of $230.41.

Reddit (NYSE:RDDT) last released its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping 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%. As a group, research analysts anticipate that Reddit will post -3.45 EPS for the current fiscal year.

Insider Activity

In related news, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at $197,635,015.41. This trade represents a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 245,357 shares of company stock valued at $39,357,388.

Institutional Trading of Reddit

Several hedge funds have recently modified their holdings of RDDT. Plato Investment Management Ltd acquired a new stake in Reddit in the fourth quarter valued at $27,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit in the fourth quarter valued at about $28,000. Ridgewood Investments LLC boosted its holdings in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. acquired a new position in Reddit during the fourth quarter worth about $33,000. Finally, Bogart Wealth LLC acquired a new position in Reddit during the fourth quarter worth about $33,000.

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.