Robert W. Baird Boosts Reddit (NYSE:RDDT) Price Target to $59.00

Reddit (NYSE:RDDT) had its price target boosted by Robert W. Baird from $50.00 to $59.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other equities analysts have also commented on RDDT. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Reddit in a research report on Tuesday, April 16th. They issued a buy rating and a $50.00 price objective for the company. Bank of America assumed coverage on shares of Reddit in a report on Tuesday, April 16th. They issued a neutral rating and a $46.00 price target for the company. Sanford C. Bernstein initiated coverage on Reddit in a research report on Thursday, April 4th. They issued an underperform rating and a $40.00 target price on the stock. Raymond James began coverage on Reddit in a research report on Monday, April 15th. They set a strong-buy rating and a $50.00 price target for the company. Finally, Roth Capital reissued a buy rating on shares of Reddit in a report on Monday, April 15th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of 53.87.

Reddit Trading Up 4.0 %

NYSE RDDT opened at 51.40 on Wednesday. Reddit has a 12-month low of 37.35 and a 12-month high of 74.90.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share for the quarter, missing the consensus estimate of -2.34 by -5.85. The company had revenue of 243.00 million during the quarter, compared to analysts’ expectations of 213.99 million. During the same quarter last year, the business posted ($1.05) EPS. Reddit’s revenue was up 48.4% compared to the same quarter last year. Analysts predict that Reddit will post -7.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In other news, CTO Christopher Brian Slowe sold 185,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the sale, the chief technology officer now owns 413,684 shares of the company’s stock, valued at approximately 13,361,993.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the sale, the chief technology officer now directly owns 413,684 shares of the company’s stock, valued at approximately 13,361,993.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 500,000 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total value 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 Trading of Reddit

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