Reddit (NYSE:RDDT) Given New $200.00 Price Target at Citigroup

Reddit (NYSE:RDDT) had its price target increased by research analysts at Citigroup from $120.00 to $200.00 in a report released on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target would indicate a potential upside of 17.16% from the company’s current price.

A number of other analysts have also recently weighed in on the stock. Jefferies Financial Group increased their price objective on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Sanford C. Bernstein raised their price target on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Roth Mkm boosted their price objective on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Bank of America raised their target price on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group boosted their price target on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and an average target price of $132.70.

Reddit Stock Performance

Shares of RDDT stock opened at $170.71 on Friday. The business has a 50 day moving average of $127.73 and a two-hundred day moving average of $85.35. Reddit has a 52 week low of $37.35 and a 52 week high of $180.74.

Reddit (NYSE:RDDT) last issued its quarterly earnings data 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 return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit’s revenue was up 67.9% on a year-over-year basis. On average, research analysts forecast that Reddit will post -3.46 EPS for the current year.

Insider Activity at Reddit

In other news, CTO Christopher Brian Slowe sold 11,000 shares of Reddit stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $65.56, for a total value of $721,160.00. Following the transaction, the chief technology officer now directly owns 339,295 shares of the company’s stock, valued at $22,244,180.20. This trade represents a 3.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the completion of the sale, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at approximately $265,102,260.31. This trade represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 264,357 shares of company stock valued at $32,762,690 over the last ninety days.

Institutional Trading of Reddit

Several large investors have recently added to or reduced their stakes in the company. Whittier Trust Co. acquired a new stake in shares of Reddit in the third quarter worth $42,000. Daiwa Securities Group Inc. purchased a new stake in Reddit in the 3rd quarter worth about $85,000. UMB Bank n.a. acquired a new stake in Reddit during the 2nd quarter worth about $88,000. SOA Wealth Advisors LLC. grew its stake in Reddit by 56.3% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after acquiring an additional 691 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in shares of Reddit in the 3rd quarter valued at about $144,000.

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.