Reddit (NYSE:RDDT) Stock Price Expected to Rise, Citigroup Analyst Says

Reddit (NYSE:RDDT) had its target price hoisted by Citigroup from $70.00 to $120.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also issued reports about the company. Piper Sandler reissued an “overweight” rating and set a $115.00 price target (up from $70.00) on shares of Reddit in a research report on Wednesday. Jefferies Financial Group upped their target price on Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Sanford C. Bernstein raised their price target on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday. Bank of America upped their price objective on shares of Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Roth Mkm lifted their target price on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $89.72.

Reddit Price Performance

Reddit stock opened at $112.98 on Wednesday. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $123.60. The firm’s 50 day simple moving average is $70.13 and its 200-day simple moving average is $62.27.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. On average, analysts forecast that Reddit will post -4.05 EPS for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $36,293,560.96. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 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 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the transaction, the chief executive officer now owns 672,352 shares in the company, valued at $36,293,560.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 390,327 shares of company stock worth $23,503,224 over the last ninety days.

Institutional Trading of Reddit

Several institutional investors have recently modified their holdings of RDDT. VY Capital Management Co. Ltd. bought a new position in Reddit in the third quarter worth $474,403,000. Inclusive Capital Partners L.P. acquired a new position in shares of Reddit in the 1st quarter valued at $103,051,000. Vanguard Group Inc. bought a new position in shares of Reddit during the 1st quarter worth about $82,167,000. Bank of New York Mellon Corp boosted its position in shares of Reddit by 10.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after acquiring an additional 153,282 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in Reddit by 117.2% in the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after acquiring an additional 457,588 shares during the period.

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.