Reddit (NYSE:RDDT) Given New $116.00 Price Target at Roth Mkm

Reddit (NYSE:RDDT) had its target price upped by investment analysts at Roth Mkm from $89.00 to $116.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Roth Mkm’s target price suggests a potential upside of 2.08% from the company’s previous close.

Several other equities analysts also recently weighed in on RDDT. Needham & Company LLC raised their target price on shares of Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday. Bank of America raised their price objective on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday. Sanford C. Bernstein lifted their price objective on Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, July 22nd. Jefferies Financial Group increased their target price on Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, Piper Sandler reissued an “overweight” rating and issued a $115.00 price target (up from $70.00) on shares of Reddit in a report on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $83.11.

Reddit Price Performance

Shares of NYSE:RDDT traded up $31.90 during trading on Wednesday, hitting $113.64. 29,021,645 shares of the stock were exchanged, compared to its average volume of 4,616,857. The company has a fifty day moving average price of $66.61 and a two-hundred day moving average price of $60.82. Reddit has a 12-month low of $37.35 and a 12-month high of $117.00.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The company’s revenue for the quarter was up 67.9% compared to the same quarter last year. As a group, equities analysts forecast that Reddit will post -4.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction that occurred on 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 transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The stock was 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 11,287 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the sale, the chief financial officer now owns 840,379 shares of the company’s stock, valued at $53,784,256. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 390,327 shares of company stock valued at $23,503,224.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RDDT. Commonwealth Equity Services LLC acquired a new stake in shares of Reddit in the first quarter worth $1,111,000. BNP Paribas Financial Markets acquired a new stake in Reddit in the 1st quarter valued at $37,000. SG Americas Securities LLC purchased a new position in Reddit in the first quarter valued at about $265,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of Reddit during the first quarter worth about $63,000. Finally, Vanguard Group Inc. purchased a new stake in shares of Reddit in the first quarter worth about $82,167,000.

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.