Reddit (NYSE:RDDT) Price Target Raised to $89.00 at Roth Mkm

Reddit (NYSE:RDDT) had its target price boosted by Roth Mkm from $66.00 to $89.00 in a report published on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

RDDT has been the topic of several other research reports. B. Riley boosted their price target on shares of Reddit from $75.00 to $87.00 and gave the company a “buy” rating in a research report on Monday. JMP Securities reissued a “market outperform” rating and issued a $84.00 price target on shares of Reddit in a research note on Tuesday, July 30th. Cannonball Research initiated coverage on Reddit in a report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective on the stock. Needham & Company LLC raised their target price on Reddit from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, Bank of America upped their price target on Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $72.78.

Reddit Price Performance

RDDT opened at $77.53 on Wednesday. The company’s 50 day simple moving average is $64.58 and its two-hundred day simple moving average is $59.69. Reddit has a 1-year low of $37.35 and a 1-year high of $81.36.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to analyst estimates of $253.86 million. Reddit’s revenue for the quarter was up 53.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.70) EPS. Equities research analysts anticipate that Reddit will post -4.1 EPS for the current year.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $76.27, for a total transaction of $2,542,384.18. Following the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $117,643,195.39. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $76.27, for a total transaction of $2,542,384.18. Following the sale, the chief operating officer now owns 1,542,457 shares in the company, valued at $117,643,195.39. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Mary Porter Gale sold 15,000 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $52.73, for a total value of $790,950.00. Following the sale, the director now owns 101,459 shares in the company, valued at approximately $5,349,933.07. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 385,327 shares of company stock valued at $23,115,824.

Institutional Investors Weigh In On Reddit

Several large investors have recently bought and sold shares of RDDT. BNP Paribas Financial Markets purchased a new position in shares of Reddit in the 1st quarter valued at about $37,000. Whittier Trust Co. purchased a new position in shares of Reddit in the 3rd quarter valued at about $42,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of Reddit in the 1st quarter valued at about $63,000. SOA Wealth Advisors LLC. purchased a new position in shares of Reddit in the 2nd quarter valued at about $78,000. Finally, Sandia Investment Management LP purchased a new position in shares of Reddit in the 1st quarter valued at about $79,000.

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.