Reddit (NYSE:RDDT) Given New $68.00 Price Target at The Goldman Sachs Group

Reddit (NYSE:RDDT) had its price target upped by The Goldman Sachs Group from $60.00 to $68.00 in a report released on Monday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other research firms have also issued reports on RDDT. Piper Sandler increased their price target on shares of Reddit from $65.00 to $70.00 and gave the stock an overweight rating in a research report on Wednesday, August 7th. Raymond James increased their price target on shares of Reddit from $70.00 to $80.00 and gave the stock a strong-buy rating in a research report on Thursday, October 10th. JMP Securities reissued a market outperform rating and issued a $84.00 price target on shares of Reddit in a research report on Tuesday, July 30th. Bank of America increased their price target on shares of Reddit from $57.00 to $60.00 and gave the stock a neutral rating in a research report on Wednesday, August 7th. Finally, B. Riley initiated coverage on shares of Reddit in a research report on Friday, September 20th. They issued a buy rating and a $75.00 price target for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $70.28.

Reddit Stock Up 2.2 %

RDDT stock opened at $74.87 on Monday. Reddit has a one year low of $37.35 and a one year high of $78.08. The firm has a 50-day moving average of $61.22 and a two-hundred day moving average of $58.30.

Reddit (NYSE:RDDT) last posted 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 firm had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. During the same period in the prior year, the company posted ($0.70) earnings per share. Reddit’s quarterly revenue was up 53.6% compared to the same quarter last year. As a group, equities research analysts predict that Reddit will post -4.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, Director Mary Porter Gale sold 15,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the transaction, the director now owns 101,459 shares in the company, valued at $5,349,933.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the sale, the chief executive officer now owns 672,352 shares in the company, valued at approximately $36,293,560.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Mary Porter Gale sold 15,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the completion of the sale, the director now owns 101,459 shares in the company, valued at approximately $5,349,933.07. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 337,993 shares of company stock worth $19,517,419 over the last 90 days.

Institutional Investors Weigh In On Reddit

Several hedge funds and other institutional investors have recently modified their holdings of the stock. StoneCrest Wealth Management Inc. grew its stake in shares of Reddit by 2.6% in the third quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after acquiring an additional 176 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Reddit in the first quarter worth $37,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Reddit in the second quarter worth $78,000. ANTIPODES PARTNERS Ltd bought a new position in Reddit in the first quarter worth $63,000. Finally, UMB Bank n.a. bought a new position in Reddit in the second quarter worth $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.