Reddit (NYSE:RDDT) Stock Price Expected to Rise, Loop Capital Analyst Says

Reddit (NYSE:RDDT) had its target price raised by investment analysts at Loop Capital from $120.00 to $180.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Loop Capital’s price target indicates a potential upside of 20.07% from the stock’s previous close.

Several other research firms also recently commented on RDDT. Needham & Company LLC lifted their price target on shares of Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Citigroup lifted their target price on shares of Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Piper Sandler restated an “overweight” rating and set a $150.00 price target (up from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. The Goldman Sachs Group lifted their price objective on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Finally, Bank of America increased their target price on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $103.17.

Reddit Price Performance

Shares of NYSE RDDT opened at $149.92 on Monday. The business has a 50-day moving average of $102.91 and a 200-day moving average of $75.68. Reddit has a 12 month low of $37.35 and a 12 month high of $158.49.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The company’s revenue was up 67.9% compared to the same quarter last year. Analysts predict that Reddit will post -3.63 earnings per share for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction that occurred on 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 owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. This trade represents a 14.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $59.19, for a total transaction of $828,660.00. Following the transaction, the chief executive officer now owns 651,775 shares of the company’s stock, valued at $38,578,562.25. The trade was a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 325,644 shares of company stock worth $31,195,790 over the last ninety days.

Hedge Funds Weigh In On Reddit

A number of hedge funds have recently bought and sold shares of RDDT. FMR LLC raised its holdings in Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after buying an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. bought a new stake in Reddit in the 3rd quarter worth about $474,403,000. Holocene Advisors LP raised its position in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after buying an additional 1,923,109 shares during the last quarter. Point72 Asset Management L.P. lifted its stake in Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after acquiring an additional 2,225,895 shares during the period. Finally, Vanguard Group Inc. purchased a new stake in shares of Reddit during the 1st quarter valued at about $82,167,000.

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.