Reddit (NYSE:RDDT) Price Target Raised to $180.00

Reddit (NYSE:RDDT) had its target price upped by Loop Capital from $120.00 to $180.00 in a research note released on Monday morning,Benzinga reports. Loop Capital currently has a buy rating on the stock.

A number of other equities research analysts have also recently commented on RDDT. Bank of America raised their price target on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Roth Mkm raised their price target on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Raymond James raised their price target on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 10th. JMP Securities raised their price target on shares of Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a report on Monday, November 25th. Finally, B. Riley restated a “buy” rating and issued a $112.00 price target (up from $87.00) on shares of Reddit in a report on Wednesday, October 30th. One research 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $103.17.

Reddit Stock Up 3.0 %

RDDT stock opened at $154.29 on Monday. The company has a fifty day moving average price of $104.64 and a 200-day moving average price of $76.23. Reddit has a 52-week low of $37.35 and a 52-week high of $158.49.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit’s revenue for the quarter was up 67.9% on a year-over-year basis. On average, equities research analysts anticipate that Reddit will post -3.63 earnings per share for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $141.79, for a total value of $1,985,060.00. Following the sale, the chief executive officer now owns 634,971 shares of the company’s stock, valued at approximately $90,032,538.09. The trade was a 2.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jennifer L. Wong sold 50,000 shares of Reddit stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at approximately $100,275,129.57. This represents a 3.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 325,644 shares of company stock valued at $31,195,790 over the last ninety days.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently modified their holdings of the business. ARK Investment Management LLC raised its position in shares of Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after purchasing an additional 192,785 shares during the period. Victory Capital Management Inc. raised its position in shares of Reddit by 903.8% in the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock valued at $33,231,000 after purchasing an additional 453,894 shares during the period. Mission Creek Capital Partners Inc. bought a new stake in shares of Reddit in the third quarter valued at approximately $7,490,000. Objective Capital Management LLC bought a new stake in shares of Reddit in the third quarter valued at approximately $391,000. Finally, VY Capital Management Co. Ltd. bought a new stake in shares of Reddit in the third quarter valued at approximately $474,403,000.

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.