Reddit (NYSE:RDDT) Price Target Raised to $220.00

Reddit (NYSE:RDDT) had its price objective hoisted by Piper Sandler from $210.00 to $220.00 in a research report report published on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also recently commented on RDDT. B. Riley upped their target price on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. The Goldman Sachs Group boosted their target price on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Seaport Res Ptn raised Reddit to a “hold” rating in a research note on Thursday, February 6th. Finally, Loop Capital increased their target price on shares of Reddit from $180.00 to $210.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $175.95.

Reddit Stock Down 5.2 %

RDDT stock opened at $166.27 on Friday. The company has a market capitalization of $30.08 billion and a price-to-earnings ratio of -21.51. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41. The firm has a 50 day moving average of $184.13 and a two-hundred day moving average of $124.17.

Reddit (NYSE:RDDT) last posted its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, research analysts expect that Reddit will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CTO Christopher Brian Slowe sold 5,000 shares of Reddit stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the sale, the chief technology officer now owns 35,252 shares in the company, valued at approximately $6,491,655.80. This trade represents a 12.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $176.20, for a total value of $2,466,800.00. Following the completion of the sale, the chief executive officer now owns 620,971 shares of the company’s stock, valued at $109,415,090.20. The trade was a 2.20 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 200,000 shares of company stock valued at $35,360,328.

Institutional Investors Weigh In On Reddit

Institutional investors have recently modified their holdings of the stock. Jennison Associates LLC bought a new position in Reddit in the fourth quarter valued at about $494,861,000. Renaissance Capital LLC lifted its stake in shares of Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after acquiring an additional 3,892 shares during the last quarter. ARK Investment Management LLC lifted its stake in shares of Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after acquiring an additional 192,785 shares during the last quarter. Wellington Management Group LLP raised its position in Reddit by 3,640.5% during the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after purchasing an additional 248,499 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. increased its holdings in shares of Reddit by 666.7% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company’s stock valued at $376,000 after acquiring an additional 2,000 shares during the period.

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.