Loop Capital Increases Reddit (NYSE:RDDT) Price Target to $90.00

Reddit (NYSE:RDDT) had its target price increased by Loop Capital from $80.00 to $90.00 in a report issued on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities analysts have also recently issued reports on the stock. Raymond James boosted their price objective on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. JMP Securities reiterated a “market outperform” rating and set a $84.00 price target on shares of Reddit in a research note on Tuesday, July 30th. Needham & Company LLC raised their price objective on shares of Reddit from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. boosted their target price on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Finally, Cannonball Research began coverage on Reddit in a research note on Tuesday, August 6th. They set a “buy” rating and a $67.00 target price for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $73.61.

Reddit Trading Down 2.1 %

Shares of RDDT opened at $79.69 on Friday. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $82.53. The firm has a 50-day simple moving average of $66.08 and a 200-day simple moving average of $60.55.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. The firm’s revenue was up 53.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.70) earnings per share. Equities research analysts predict that Reddit will post -4.05 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the transaction, the chief technology officer now directly owns 30,068 shares in the company, valued at approximately $2,329,668.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the sale, the chief technology officer now owns 30,068 shares in the company, valued at approximately $2,329,668.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Andrew Vollero sold 11,287 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the completion of the transaction, the chief financial officer now directly owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 390,327 shares of company stock valued at $23,503,224 in the last 90 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. StoneCrest Wealth Management Inc. raised its position 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 valued at $451,000 after buying an additional 176 shares during the last quarter. Whittier Trust Co. acquired a new position in Reddit in the 3rd quarter valued at $42,000. BNP Paribas Financial Markets purchased a new position in shares of Reddit during the 1st quarter worth $37,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Reddit during the second quarter worth $78,000. Finally, ANTIPODES PARTNERS Ltd purchased a new stake in shares of Reddit in the first quarter valued at $63,000.

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.