Reddit (NYSE:RDDT) PT Raised to $80.00

Reddit (NYSE:RDDT) had its target price lifted by research analysts at Raymond James from $70.00 to $80.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “strong-buy” rating on the stock. Raymond James’ target price indicates a potential upside of 9.30% from the stock’s previous close.

Several other research firms have also recently issued reports on RDDT. JMP Securities reissued a “market outperform” rating and issued a $84.00 target price on shares of Reddit in a research report on Tuesday, July 30th. JPMorgan Chase & Co. lifted their price target on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Roth Mkm lowered their price objective on shares of Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Loop Capital raised Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Thursday, August 1st. Finally, Morgan Stanley boosted their price target on Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit has an average rating of “Moderate Buy” and a consensus target price of $69.56.

Reddit Stock Up 4.7 %

RDDT stock opened at $73.19 on Thursday. Reddit has a one year low of $37.35 and a one year high of $78.08. The company has a 50 day moving average price of $60.86 and a two-hundred day moving average price of $58.17.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The business had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. During the same period in the prior year, the firm earned ($0.70) EPS. Reddit’s revenue for the quarter was up 53.6% on a year-over-year basis. On average, sell-side analysts anticipate that Reddit will post -4.11 earnings per share for the current fiscal year.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total value of $755,720.00. Following the transaction, the chief executive officer now owns 672,352 shares in the company, valued at approximately $36,293,560.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the completion of the sale, the chief executive officer now owns 672,352 shares of the company’s stock, valued at approximately $36,293,560.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benjamin Seong Lee sold 45,807 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the transaction, the insider now directly owns 194,473 shares in the company, valued at $10,499,597.27. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 337,993 shares of company stock valued at $19,517,419.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets acquired a new position in Reddit in the first quarter worth $37,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Reddit during the 1st quarter valued at about $63,000. SOA Wealth Advisors LLC. bought a new position in Reddit in the second quarter worth about $78,000. Sandia Investment Management LP bought a new position in Reddit in the first quarter worth about $79,000. Finally, UMB Bank n.a. bought a new position in Reddit in the second quarter worth about $88,000.

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.