By otakuyassine3@gmail.com 
Reddit (NYSE:RDDT – Get Free Report) had its price target lifted by stock analysts at Piper Sandler from $150.00 to $197.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 20.56% from the stock’s previous close.
RDDT has been the subject of a number of other reports. Loop Capital boosted their price target on Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. The Goldman Sachs Group increased their price objective on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday. Bank of America upped their price target on shares of Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 8th. Morgan Stanley upgraded shares of Reddit from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $70.00 to $200.00 in a report on Monday, December 9th. Finally, Robert W. Baird upped their price objective on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $144.50.
Check Out Our Latest Stock Report on RDDT
Reddit Trading Down 0.8 %
Shares of NYSE:RDDT traded down $1.24 during trading on Tuesday, reaching $163.41. The company had a trading volume of 1,853,057 shares, compared to its average volume of 4,676,558. The stock’s fifty day moving average price is $154.55 and its 200 day moving average price is $97.94. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $187.69.
Reddit (NYSE:RDDT – Get Free Report) last posted its earnings results 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 return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The firm’s revenue was up 67.9% on a year-over-year basis. Equities analysts anticipate that Reddit will post -3.46 EPS for the current year.
Insider Buying and Selling
In related news, CFO Andrew Vollero sold 19,838 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $143.22, for a total value of $2,841,198.36. Following the sale, the chief financial officer now directly owns 703,615 shares in the company, valued at $100,771,740.30. This trade represents a 2.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value of $2,704,885.14. Following the transaction, the insider now directly owns 138,401 shares in the company, valued at $20,214,850.06. This trade represents a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 250,357 shares of company stock valued at $34,241,680.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of the company. Ridgewood Investments LLC raised its position in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the period. Whittier Trust Co. purchased a new stake in Reddit during the third quarter valued at about $42,000. Daiwa Securities Group Inc. purchased a new position in shares of Reddit in the third quarter worth approximately $85,000. AdvisorNet Financial Inc raised its holdings in shares of Reddit by 41.9% during the fourth quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after acquiring an additional 201 shares during the period. Finally, SOA Wealth Advisors LLC. raised its holdings in shares of Reddit by 56.3% during the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after acquiring an additional 691 shares during the period.
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.
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