Raymond James Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price objective upped by Raymond James from $200.00 to $250.00 in a report published on Monday,Benzinga reports. The firm currently has a strong-buy rating on the stock.

RDDT has been the subject of several other reports. Guggenheim began coverage on Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 price target for the company. Bank of America lifted their price objective on Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a report on Wednesday, January 8th. B. Riley increased their target price on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Finally, Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $162.20.

Reddit Trading Down 0.3 %

Shares of Reddit stock opened at $224.67 on Monday. The company has a 50-day simple moving average of $176.42 and a two-hundred day simple moving average of $114.38. Reddit has a twelve month low of $37.35 and a twelve month high of $230.41.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $124,083,012.24. This represents a 2.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction on Monday, November 18th. The stock was sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at approximately $197,635,015.41. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 259,357 shares of company stock worth $41,121,108.

Hedge Funds Weigh In On Reddit

Hedge funds have recently made changes to their positions in the stock. FMR LLC grew its holdings in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares during the period. Jennison Associates LLC bought a new stake in shares of Reddit during the 4th quarter valued at about $494,861,000. Point72 Asset Management L.P. grew its stake in Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after purchasing an additional 2,225,895 shares during the period. Holocene Advisors LP increased its holdings in Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after purchasing an additional 1,923,109 shares in the last quarter. Finally, Lord Abbett & CO. LLC lifted its stake in Reddit by 1,519.4% in the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after buying an additional 1,548,450 shares during the period.

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.