Reddit (NYSE:RDDT) Stock Price Expected to Rise, Bank of America Analyst Says

Reddit (NYSE:RDDT) had its target price boosted by equities researchers at Bank of America from $99.00 to $180.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price objective suggests a potential upside of 4.60% from the company’s current price.

A number of other research firms have also recently weighed in on RDDT. Guggenheim began coverage on shares of Reddit in a research report on Friday, December 20th. They set a “buy” rating and a $210.00 price objective for the company. Robert W. Baird raised their price target on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Needham & Company LLC boosted their price objective on Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. B. Riley restated a “buy” rating and set a $112.00 target price (up from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Finally, Loop Capital boosted their price target on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus target price of $136.75.

Reddit Stock Down 0.1 %

Shares of Reddit stock opened at $172.08 on Wednesday. Reddit has a 52 week low of $37.35 and a 52 week high of $187.69. The business’s fifty day simple moving average is $152.35 and its 200-day simple moving average is $95.97.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating 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 company had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The business’s revenue was up 67.9% compared to the same quarter last year. As a group, sell-side analysts expect that Reddit will post -3.46 EPS for the current year.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $2,329,668.64. This trade represents a 14.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $76.27, for a total value of $2,542,384.18. Following the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $117,643,195.39. The trade was a 2.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 264,357 shares of company stock worth $35,297,700.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently made changes to their positions in RDDT. ARK Investment Management LLC boosted its position in shares of Reddit by 120.5% in the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after purchasing an additional 192,785 shares during the period. Wellington Management Group LLP lifted its stake in Reddit by 3,640.5% in the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after buying an additional 248,499 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Reddit by 903.8% in the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock valued at $33,231,000 after acquiring an additional 453,894 shares during the period. Geode Capital Management LLC grew its position in shares of Reddit by 176.0% during the third quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock worth $54,355,000 after acquiring an additional 525,619 shares during the last quarter. Finally, Mission Creek Capital Partners Inc. acquired a new position in shares of Reddit in the 3rd quarter valued at $7,490,000.

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.