Roth Mkm Boosts Reddit (NYSE:RDDT) Price Target to $61.00

Reddit (NYSE:RDDT) had its price objective boosted by equities research analysts at Roth Mkm from $50.00 to $61.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock.

A number of other research firms have also recently commented on RDDT. Raymond James initiated coverage on Reddit in a research note on Monday, April 15th. They issued a “strong-buy” rating and a $50.00 target price on the stock. Loop Capital began coverage on shares of Reddit in a report on Monday, April 15th. They issued a “buy” rating and a $55.00 price objective for the company. Bank of America began coverage on shares of Reddit in a research note on Tuesday, April 16th. They issued a “neutral” rating and a $46.00 price objective for the company. Sanford C. Bernstein initiated coverage on shares of Reddit in a research report on Thursday, April 4th. They issued an “underperform” rating and a $40.00 target price on the stock. Finally, JMP Securities started coverage on Reddit in a report on Monday, April 15th. They set an “outperform” rating and a $53.00 target price for the company. One 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 given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of 52.40.

Reddit Stock Up 1.8 %

RDDT stock traded up 0.91 during mid-day trading on Wednesday, reaching 50.31. 9,961,212 shares of the company traded hands, compared to its average volume of 6,257,822. Reddit has a 52-week low of 37.35 and a 52-week 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. The company’s revenue was up 48.4% on a year-over-year basis. During the same period in the previous year, the business posted ($1.05) EPS. As a group, equities analysts predict that Reddit will post -7.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director David C. Habiger bought 3,000 shares of the stock in a transaction dated Monday, March 25th. The stock was bought at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the purchase, the director now directly owns 24,906 shares in the company, valued at approximately 846,804. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director David C. Habiger purchased 3,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were bought at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the purchase, the director now directly owns 24,906 shares of the company’s stock, valued at approximately 846,804. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 500,000 shares of Reddit 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 completion of the sale, the chief executive officer now owns 710,306 shares of the company’s stock, valued at 22,942,883.80. The disclosure for this sale can be found here. Insiders sold 1,084,798 shares of company stock worth $35,038,975 over the last three months.

Hedge Funds Weigh In On Reddit

Hedge funds have recently made changes to their positions in the business. Global Retirement Partners LLC bought a new position in shares of Reddit during the 1st quarter valued at approximately $27,000. BNP Paribas Financial Markets bought a new stake in shares of Reddit during the first quarter valued at approximately $37,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Reddit in the first quarter valued at about $63,000. SG Americas Securities LLC bought a new position in shares of Reddit during the first quarter valued at approximately $265,000. Finally, Congress Park Capital LLC purchased a new position in Reddit in the first quarter worth $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.