Reddit (NYSE:RDDT) Price Target Increased to $60.00 by Analysts at Bank of America

Reddit (NYSE:RDDT) had its price target boosted by equities research analysts at Bank of America from $57.00 to $60.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price target suggests a potential upside of 20.19% from the stock’s current price.

A number of other research analysts also recently weighed in on RDDT. Needham & Company LLC raised their price target on Reddit from $63.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. Citigroup lifted their price objective on shares of Reddit from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Sanford C. Bernstein increased their price objective on shares of Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Monday, July 22nd. JPMorgan Chase & Co. reduced their target price on shares of Reddit from $67.00 to $59.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, Piper Sandler raised their price objective on shares of Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $65.56.

Reddit Stock Down 8.2 %

Shares of RDDT traded down $4.44 during trading hours on Wednesday, reaching $49.92. The stock had a trading volume of 5,990,713 shares, compared to its average volume of 4,431,115. Reddit has a 52 week low of $37.35 and a 52 week high of $78.08. The company’s 50-day moving average is $63.31.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. The company’s revenue was up 53.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.70) earnings per share. On average, equities research analysts expect that Reddit will post -4.68 earnings per share for the current fiscal year.

Insider Activity at Reddit

In other news, insider Benjamin Seong Lee sold 20,034 shares of Reddit stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $58.94, for a total value of $1,180,803.96. Following the transaction, the insider now owns 259,312 shares in the company, valued at $15,283,849.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Benjamin Seong Lee sold 20,034 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $58.94, for a total transaction of $1,180,803.96. Following the transaction, the insider now owns 259,312 shares in the company, valued at $15,283,849.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Christopher Brian Slowe sold 33,019 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $58.94, for a total transaction of $1,946,139.86. Following the completion of the sale, the chief technology officer now directly owns 380,665 shares in the company, valued at $22,436,395.10. The disclosure for this sale can be found here. Insiders have sold 192,689 shares of company stock valued at $11,357,090 over the last three months.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. bought a new stake in shares of Reddit during the second quarter valued at approximately $3,209,000. TD Asset Management Inc purchased a new position in shares of Reddit in the second quarter valued at $6,566,000. Regal Partners Ltd purchased a new stake in Reddit during the second quarter valued at $4,620,000. Commonwealth Equity Services LLC grew its stake in shares of Reddit by 11.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 25,185 shares of the company’s stock worth $1,609,000 after buying an additional 2,659 shares in the last quarter. Finally, UMB Bank n.a. bought a new stake in shares of Reddit in the 2nd quarter worth about $88,000.

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.