Reddit (NYSE:RDDT – Get Free Report) had its target price hoisted by analysts at Sanford C. Bernstein from $45.00 to $50.00 in a report released on Monday, Benzinga reports. The firm presently has an “underperform” rating on the stock.
RDDT has been the subject of a number of other reports. Raymond James started coverage on shares of Reddit in a research note on Monday, April 15th. They set a “strong-buy” rating and a $50.00 target price for the company. Deutsche Bank Aktiengesellschaft lifted their price target on Reddit from $62.00 to $65.00 and gave the company a “buy” rating in a report on Friday, May 17th. JMP Securities upped their target price on Reddit from $70.00 to $84.00 and gave the company a “market outperform” rating in a research report on Tuesday, July 16th. Roth Mkm upped their target price on Reddit from $50.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Finally, Needham & Company LLC raised their price target on shares of Reddit from $63.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, June 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of 61.40.
Check Out Our Latest Research Report on RDDT
Reddit Stock Performance
Reddit (NYSE:RDDT – Get Free Report) last released its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The company had revenue of 243.00 million for the quarter, compared to the consensus estimate of 213.99 million. The firm’s quarterly revenue was up 48.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.05) earnings per share. On average, equities research analysts forecast that Reddit will post -4.66 earnings per share for the current year.
Insider Activity
In other news, CEO Steve Ladd Huffman sold 42,299 shares of Reddit stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 2,493,103.06. Following the transaction, the chief executive officer now owns 689,157 shares in the company, valued at approximately 40,618,913.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Michelle Marie Reynolds sold 6,618 shares of the stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 390,064.92. Following the transaction, the chief accounting officer now owns 89,795 shares of the company’s stock, valued at approximately 5,292,517.30. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 42,299 shares of the stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 2,493,103.06. Following the sale, the chief executive officer now directly owns 689,157 shares in the company, valued at approximately 40,618,913.58. The disclosure for this sale can be found here. Insiders sold 192,689 shares of company stock worth $11,357,090 over the last ninety days.
Hedge Funds Weigh In On Reddit
Several hedge funds and other institutional investors have recently made changes to their positions in RDDT. Global Retirement Partners LLC acquired a new position in Reddit in the first quarter valued at approximately $27,000. BNP Paribas Financial Markets acquired a new position in shares of Reddit in the 1st quarter valued at $37,000. SOA Wealth Advisors LLC. purchased a new position in shares of Reddit in the 2nd quarter valued at $78,000. ANTIPODES PARTNERS Ltd acquired a new stake in Reddit during the 1st quarter worth $63,000. Finally, Sandia Investment Management LP purchased a new stake in Reddit in the first quarter valued at $79,000.
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.
Featured Articles
- Five stocks we like better than Reddit
- The 3 Best Retail Stocks to Shop for in August
- Intuitive Surgical Stock Outperforms Market: Highs on the Horizon
- Breakout Stocks: What They Are and How to Identify Them
- Has This Leading Tech Stock Halted the AI Surge?
- Why Understanding Call Option Volume is Essential to Successful Options Trading
- Revolutionary Battery Stock Gains Momentum with 3D Silicon-Anodes
Receive News & Ratings for Reddit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reddit and related companies with MarketBeat.com's FREE daily email newsletter.