Reddit (NYSE:RDDT) Price Target Raised to $210.00

Reddit (NYSE:RDDT) had its price objective upped by Morgan Stanley from $200.00 to $210.00 in a research report released on Thursday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other research analysts have also recently commented on the company. JMP Securities upped their target price on Reddit from $160.00 to $190.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. Roth Capital lowered Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Sanford C. Bernstein lifted their target price on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. B. Riley upped their price target on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Finally, Piper Sandler lifted their price objective on shares of Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $175.45.

Reddit Stock Performance

NYSE:RDDT opened at $196.37 on Thursday. The stock’s fifty day moving average is $182.33 and its 200 day moving average is $118.85. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating 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, equities analysts predict that Reddit will post -3.45 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 33,333 shares of the company’s 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 transaction, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at approximately $197,635,015.41. This represents a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $124,083,012.24. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 245,357 shares of company stock worth $39,357,388.

Hedge Funds Weigh In On Reddit

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Plato Investment Management Ltd purchased a new stake in Reddit during the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit during the fourth quarter valued at $28,000. Ridgewood Investments LLC lifted its position in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. acquired a new position in shares of Reddit in the fourth quarter valued at about $33,000. Finally, Bogart Wealth LLC acquired a new stake in shares of 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.