Reddit (NYSE:RDDT) Price Target Raised to $45.00 at Sanford C. Bernstein

Reddit (NYSE:RDDT) had its price objective boosted by research analysts at Sanford C. Bernstein from $40.00 to $45.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “underperform” rating on the stock.

A number of other brokerages have also issued reports on RDDT. New Street Research initiated coverage on Reddit in a research note on Tuesday, March 26th. They issued a “neutral” rating and a $54.00 price target on the stock. JPMorgan Chase & Co. initiated coverage on Reddit in a research note on Monday, April 15th. They issued a “neutral” rating and a $47.00 price target on the stock. Raymond James initiated coverage on Reddit in a research note on Monday, April 15th. They issued a “strong-buy” rating and a $50.00 price target on the stock. Citigroup initiated coverage on Reddit in a research report on Monday, April 15th. They set a “buy” rating and a $53.00 price objective on the stock. Finally, Bank of America initiated coverage on Reddit in a research report on Tuesday, April 16th. They set a “neutral” rating and a $46.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average target price of 52.40.

Reddit Price Performance

RDDT traded up 0.91 during trading on Wednesday, hitting 50.31. The company’s stock had a trading volume of 9,961,212 shares, compared to its average volume of 6,257,822. Reddit has a twelve month low of 37.35 and a twelve month high of 74.90.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The firm had revenue of 243.00 million during the quarter, compared to analysts’ expectations of 213.99 million. Reddit’s revenue was up 48.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.05) earnings per share. On average, analysts forecast that Reddit will post -7.09 earnings per share for the current fiscal year.

Insider Activity

In other news, Director David C. Habiger bought 3,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were purchased at an average price of 34.00 per share, with a total value of 102,000.00. Following the purchase, the director now owns 24,906 shares in the company, valued at 846,804. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Reddit news, Director David C. Habiger acquired 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was purchased at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the completion of the acquisition, the director now owns 24,906 shares of the company’s stock, valued at approximately 846,804. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 500,000 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 16,150,000.00. Following the sale, the chief executive officer now owns 710,306 shares in the company, valued at 22,942,883.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Global Retirement Partners LLC acquired a new stake in Reddit in the 1st quarter valued at about $27,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit during the first quarter worth approximately $37,000. ANTIPODES PARTNERS Ltd acquired a new stake in Reddit in the first quarter valued at approximately $63,000. SG Americas Securities LLC purchased a new position in Reddit in the first quarter worth approximately $265,000. Finally, Congress Park Capital LLC acquired a new position in Reddit during the 1st quarter worth approximately $279,000.

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.