Reddit (NYSE:RDDT) Given New $67.00 Price Target at Roth Mkm

Reddit (NYSE:RDDT) had its price objective increased by analysts at Roth Mkm from $61.00 to $67.00 in a research report issued to clients and investors on Friday, MarketBeat reports. The firm currently has a “buy” rating on the stock.

Several other equities analysts have also issued reports on the company. Morgan Stanley boosted their price target on Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research note on Tuesday. The Goldman Sachs Group increased their target price on shares of Reddit from $40.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, May 9th. Piper Sandler upped their price objective on shares of Reddit from $50.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Needham & Company LLC increased their price objective on shares of Reddit from $63.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, June 18th. Finally, Bank of America initiated coverage on Reddit in a research report on Tuesday, April 16th. They issued a “neutral” rating and a $46.00 target price for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus target price of 63.47.

Reddit Trading Down 0.4 %

Shares of NYSE RDDT traded down 0.22 during trading hours on Friday, hitting 61.84. The company had a trading volume of 664,106 shares, compared to its average volume of 4,506,717. Reddit has a 1-year low of 37.35 and a 1-year high of 78.08. The firm’s 50 day moving average price is 63.14.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The business had revenue of 243.00 million for 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 period in the prior year, the company posted ($1.05) EPS. As a group, sell-side analysts predict that Reddit will post -4.62 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, CFO Andrew Vollero sold 50,580 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total transaction of 2,981,185.20. Following the sale, the chief financial officer now owns 631,080 shares in the company, valued at approximately 37,195,855.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Reddit news, CFO Andrew Vollero sold 50,580 shares of Reddit stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 2,981,185.20. Following the completion of the sale, the chief financial officer now directly owns 631,080 shares of the company’s stock, valued at approximately 37,195,855.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 42,299 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 2,493,103.06. Following the transaction, the chief executive officer now directly owns 689,157 shares of the company’s stock, valued at approximately 40,618,913.58. The disclosure for this sale can be found here. In the last three months, insiders have sold 192,689 shares of company stock valued at $11,357,090.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently bought and sold shares of RDDT. Global Retirement Partners LLC purchased a new stake in Reddit in the 1st quarter valued at $27,000. BNP Paribas Financial Markets purchased a new position in Reddit in the first quarter valued at $37,000. ANTIPODES PARTNERS Ltd acquired a new stake in Reddit in the first quarter valued at $63,000. SOA Wealth Advisors LLC. purchased a new position in shares of Reddit in the 2nd quarter valued at about $78,000. Finally, Sandia Investment Management LP purchased a new stake in Reddit during the first quarter worth approximately $79,000.

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.