Reddit (NYSE:RDDT) Price Target Raised to $65.00 at Deutsche Bank Aktiengesellschaft

Reddit (NYSE:RDDT) had its target price raised by Deutsche Bank Aktiengesellschaft from $62.00 to $65.00 in a research report released on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. assumed coverage on Reddit in a report on Monday, April 15th. They issued a neutral rating and a $47.00 target price on the stock. Sanford C. Bernstein lifted their price target on Reddit from $40.00 to $45.00 and gave the stock an underperform rating in a report on Wednesday, May 8th. Citigroup lifted their price target on Reddit from $53.00 to $65.00 and gave the stock a buy rating in a report on Wednesday, May 8th. Morgan Stanley started coverage on Reddit in a research report on Monday, April 15th. They issued an equal weight rating and a $45.00 target price for the company. Finally, Loop Capital began coverage on Reddit in a research report on Monday, April 15th. They issued a buy rating and a $55.00 target price for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit presently has a consensus rating of Moderate Buy and a consensus price target of 56.20.

Reddit Price Performance

NYSE RDDT traded up 5.66 on Friday, reaching 62.04. The stock had a trading volume of 15,131,399 shares, compared to its average volume of 3,770,230. The stock’s fifty day moving average is 48.47. Reddit has a 1-year low of 37.35 and a 1-year high of 74.90.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share 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 the consensus estimate of 213.99 million. During the same quarter in the previous year, the company earned ($1.05) EPS. The firm’s quarterly revenue was up 48.4% on a year-over-year basis. On average, equities analysts anticipate that Reddit will post -4.71 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Andrew Vollero sold 71,765 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 2,318,009.50. Following the sale, the chief financial officer now directly owns 681,660 shares in the company, valued at approximately 22,017,618. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Reddit news, CFO Andrew Vollero sold 71,765 shares of the company’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 2,318,009.50. Following the transaction, the chief financial officer now directly owns 681,660 shares in the company, valued at approximately 22,017,618. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 185,000 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the completion of the transaction, the chief technology officer now owns 413,684 shares in the company, valued at 13,361,993.20. The disclosure for this sale can be found here. Insiders have sold a total of 1,084,798 shares of company stock worth $35,038,975 in the last 90 days.

Institutional Investors Weigh In On Reddit

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Global Retirement Partners LLC purchased a new position in shares of Reddit in the first quarter worth $27,000. BNP Paribas Financial Markets acquired a new stake in shares of Reddit in the first quarter worth $37,000. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Reddit in the first quarter worth $63,000. Sandia Investment Management LP acquired a new stake in shares of Reddit in the first quarter worth $79,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Reddit in the first quarter worth $265,000.

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.