Reddit (NYSE:RDDT) Given New $85.00 Price Target at Sanford C. Bernstein

Reddit (NYSE:RDDT) had its price target lifted by Sanford C. Bernstein from $65.00 to $85.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have an underperform rating on the stock.

Several other analysts have also issued reports on RDDT. Raymond James upped their price target on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 10th. Cannonball Research started coverage on shares of Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price target for the company. Loop Capital upped their price target on shares of Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, October 25th. JMP Securities restated a “market outperform” rating and set a $84.00 price target on shares of Reddit in a research report on Tuesday, July 30th. Finally, Piper Sandler restated an “overweight” rating and set a $115.00 price target (up from $70.00) on shares of Reddit in a research report on Wednesday. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.72.

Reddit Trading Up 42.0 %

Shares of NYSE:RDDT opened at $116.03 on Wednesday. Reddit has a 52-week low of $37.35 and a 52-week high of $118.25. The firm has a fifty day moving average of $67.80 and a 200 day moving average of $61.21.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The company’s revenue was up 67.9% compared to the same quarter last year. As a group, equities analysts anticipate that Reddit will post -4.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the transaction, the chief technology officer now directly owns 30,068 shares of the company’s stock, valued at $2,329,668.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $76.27, for a total value of $2,542,384.18. Following the sale, the chief operating officer now owns 1,542,457 shares in the company, valued at approximately $117,643,195.39. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the sale, the chief technology officer now owns 30,068 shares in the company, valued at approximately $2,329,668.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 390,327 shares of company stock valued at $23,503,224 over the last three months.

Institutional Investors Weigh In On Reddit

A number of hedge funds and other institutional investors have recently bought and sold shares of RDDT. VY Capital Management Co. Ltd. purchased a new stake in Reddit in the third quarter worth about $474,403,000. Inclusive Capital Partners L.P. purchased a new stake in Reddit in the first quarter worth about $103,051,000. Vanguard Group Inc. purchased a new stake in Reddit in the first quarter worth about $82,167,000. Price T Rowe Associates Inc. MD purchased a new stake in Reddit in the first quarter worth about $37,015,000. Finally, Blackstone Inc. purchased a new stake in Reddit in the first quarter worth about $36,990,000.

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.