Loop Capital Increases Reddit (NYSE:RDDT) Price Target to $75.00

Reddit (NYSE:RDDT) had its target price boosted by Loop Capital from $60.00 to $75.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock.

RDDT has been the topic of several other reports. New Street Research began coverage on shares of Reddit in a research report on Tuesday, March 26th. They set a “neutral” rating and a $54.00 target price on the stock. Roth Mkm increased their target price on shares of Reddit from $50.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Morgan Stanley started coverage on Reddit in a report on Monday, April 15th. They set an “equal weight” rating and a $45.00 price objective for the company. The Goldman Sachs Group raised their price target on Reddit from $40.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. Finally, Bank of America assumed coverage on shares of Reddit in a report on Tuesday, April 16th. They set a “neutral” rating and a $46.00 target price for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of 58.33.

Reddit Stock Up 10.4 %

RDDT stock opened at 73.51 on Wednesday. The stock has a fifty day moving average price of 56.62. Reddit has a one year low of 37.35 and a one year high of 74.90.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The company had revenue of 243.00 million for the quarter, compared to analysts’ expectations of 213.99 million. The firm’s revenue for the quarter was up 48.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.05) EPS. As a group, research analysts expect that Reddit will post -4.71 EPS for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 6,618 shares of Reddit stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 390,064.92. Following the completion of the transaction, the chief accounting officer now owns 89,795 shares of the company’s stock, valued at 5,292,517.30. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO Andrew Vollero sold 50,580 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total transaction of 2,981,185.20. Following the completion of the transaction, the chief financial officer now owns 631,080 shares in the company, valued at 37,195,855.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Michelle Marie Reynolds sold 6,618 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 390,064.92. Following the completion of the transaction, the chief accounting officer now owns 89,795 shares of the company’s stock, valued at approximately 5,292,517.30. The disclosure for this sale can be found here. Insiders have sold 192,689 shares of company stock worth $11,357,090 over the last quarter.

Institutional Investors Weigh In On Reddit

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC acquired a new position in shares of Reddit during the 1st quarter valued at $27,000. BNP Paribas Financial Markets acquired a new position in Reddit during the first quarter worth about $37,000. ANTIPODES PARTNERS Ltd bought a new stake in Reddit in the first quarter worth about $63,000. Sandia Investment Management LP acquired a new stake in Reddit in the 1st quarter valued at about $79,000. Finally, SG Americas Securities LLC bought a new position in shares of Reddit during the 1st quarter valued at about $265,000.

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.