Reddit (NYSE:RDDT) Price Target Raised to $175.00

Reddit (NYSE:RDDT) had its price target raised by Jefferies Financial Group from $120.00 to $175.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group’s price target points to a potential upside of 29.13% from the stock’s current price.

Several other analysts have also commented on the company. Sanford C. Bernstein boosted their price target on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Bank of America boosted their price target on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. JMP Securities lifted their price objective on Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research report on Monday. JPMorgan Chase & Co. increased their target price on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. Finally, Raymond James raised their target price on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $98.17.

Reddit Stock Down 4.5 %

Shares of RDDT stock opened at $135.52 on Monday. The stock’s fifty day simple moving average is $95.19 and its 200 day simple moving average is $72.76. Reddit has a one year low of $37.35 and a one year high of $158.49.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business’s quarterly revenue was up 67.9% on a year-over-year basis. Equities research analysts expect that Reddit will post -3.63 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Jennifer L. Wong sold 50,000 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total value of $3,250,500.00. Following the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $100,275,129.57. This represents a 3.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $59.19, for a total value of $828,660.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares in the company, valued at $38,578,562.25. This represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 298,520 shares of company stock valued at $26,771,297 over the last ninety days.

Hedge Funds Weigh In On Reddit

Several hedge funds have recently added to or reduced their stakes in the stock. ARK Investment Management LLC grew its position 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 buying an additional 192,785 shares during the period. Victory Capital Management Inc. raised its position in shares of Reddit by 903.8% in the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock valued at $33,231,000 after acquiring an additional 453,894 shares during the period. DekaBank Deutsche Girozentrale bought a new stake in Reddit in the first quarter valued at approximately $7,363,000. Objective Capital Management LLC bought a new stake in Reddit in the third quarter valued at approximately $391,000. Finally, VY Capital Management Co. Ltd. acquired a new stake in Reddit in the third quarter worth $474,403,000.

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.