Reddit (NYSE:RDDT) Price Target Raised to $100.00

Reddit (NYSE:RDDT) had its target price hoisted by Jefferies Financial Group from $90.00 to $100.00 in a research note issued to investors on Tuesday, Benzinga reports. Jefferies Financial Group currently has a buy rating on the stock.

RDDT has been the subject of a number of other reports. B. Riley upped their price objective on shares of Reddit from $75.00 to $87.00 and gave the stock a “buy” rating in a research report on Monday. Sanford C. Bernstein boosted their price objective on Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Monday, July 22nd. Morgan Stanley raised their target price on Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Loop Capital upgraded Reddit from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research report on Thursday, August 1st. Finally, Cannonball Research assumed coverage on Reddit in a report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.78.

Reddit Stock Performance

Reddit stock opened at $78.62 on Tuesday. Reddit has a 12 month low of $37.35 and a 12 month high of $81.36. The stock’s 50 day simple moving average is $64.58 and its two-hundred day simple moving average is $59.69.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. The firm’s quarterly revenue was up 53.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.70) EPS. As a group, equities research analysts expect that Reddit will post -4.1 earnings per share for the current year.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total transaction of $755,720.00. Following the completion of the transaction, the chief executive officer now owns 672,352 shares of the company’s stock, valued at approximately $36,293,560.96. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total value of $755,720.00. Following the sale, the chief executive officer now owns 672,352 shares in the company, valued at approximately $36,293,560.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Michelle Marie Reynolds sold 12,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total value of $648,000.00. Following the transaction, the chief accounting officer now owns 71,162 shares of the company’s stock, valued at $3,842,748. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 390,327 shares of company stock valued at $23,503,224.

Institutional Investors Weigh In On Reddit

Large investors have recently added to or reduced their stakes in the business. Whittier Trust Co. acquired a new position in shares of Reddit in the third quarter worth $42,000. BNP Paribas Financial Markets acquired a new position in Reddit during the 1st quarter worth $37,000. SOA Wealth Advisors LLC. purchased a new stake in Reddit during the 2nd quarter worth about $78,000. ANTIPODES PARTNERS Ltd acquired a new stake in Reddit in the 1st quarter valued at about $63,000. Finally, UMB Bank n.a. purchased a new position in shares of Reddit in the 2nd quarter valued at about $88,000.

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.