By otakuyassine3@gmail.com 
Reddit (NYSE:RDDT – Get Free Report) had its price target lifted by stock analysts at Bank of America from $180.00 to $190.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s target price would suggest a potential downside of 3.24% from the company’s current price.
A number of other research analysts have also recently weighed in on the company. Seaport Res Ptn raised Reddit to a “hold” rating in a research report on Thursday, February 6th. Morgan Stanley lifted their price objective on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday. B. Riley lifted their price objective on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. The Goldman Sachs Group lifted their price objective on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Finally, Sanford C. Bernstein lifted their price objective on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $175.45.
Read Our Latest Analysis on Reddit
Reddit Stock Performance
Shares of NYSE:RDDT opened at $196.37 on Thursday. The stock has a market capitalization of $34.48 billion and a price-to-earnings ratio of -25.40. The stock’s 50-day simple moving average is $181.65 and its two-hundred day simple moving average is $117.91. Reddit has a 52-week low of $37.35 and a 52-week high of $230.41.
Reddit (NYSE:RDDT – Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. As a group, equities analysts forecast that Reddit will post -3.45 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the transaction, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at approximately $261,642,377.21. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $124,083,012.24. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 245,357 shares of company stock valued at $39,357,388 in the last quarter.
Hedge Funds Weigh In On Reddit
Large investors have recently modified their holdings of the stock. Plato Investment Management Ltd bought a new position in shares of Reddit during the 4th quarter valued at approximately $27,000. EverSource Wealth Advisors LLC purchased a new position in Reddit during the 4th quarter valued at $28,000. Ridgewood Investments LLC boosted its holdings in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. purchased a new position in Reddit during the 4th quarter valued at $33,000. Finally, Bogart Wealth LLC purchased a new position in Reddit during the 4th quarter valued at $33,000.
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.
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