Reddit (NYSE:RDDT) Price Target Increased to $80.00 by Analysts at Raymond James

Reddit (NYSE:RDDT) had its target price raised by Raymond James from $70.00 to $80.00 in a report published on Thursday morning, Benzinga reports. Raymond James currently has a strong-buy rating on the stock.

A number of other equities analysts have also recently issued reports on the stock. Sanford C. Bernstein boosted 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. Loop Capital raised shares of Reddit from a hold rating to a buy rating and set a $75.00 target price on the stock in a research note on Thursday, August 1st. Cannonball Research assumed coverage on shares of Reddit in a research note on Tuesday, August 6th. They set a buy rating and a $67.00 target price on the stock. Needham & Company LLC lifted their target price on shares of Reddit from $75.00 to $85.00 and gave the company a buy rating in a research note on Wednesday. Finally, Jefferies Financial Group began coverage on shares of Reddit in a research note on Wednesday. They set a buy rating and a $90.00 target price on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $69.56.

Reddit Stock Up 0.6 %

NYSE:RDDT traded up $0.43 during trading hours on Thursday, hitting $70.33. The stock had a trading volume of 227,804 shares, compared to its average volume of 4,372,418. The company has a 50 day simple moving average of $60.55 and a two-hundred day simple moving average of $58.07. Reddit has a one year low of $37.35 and a one year high of $78.08.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The business had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. Reddit’s revenue for the quarter was up 53.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.70) EPS. Analysts anticipate that Reddit will post -4.11 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $66.20, for a total value of $926,800.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $43,147,505. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Reddit news, CTO Christopher Brian Slowe sold 11,000 shares of Reddit stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $65.56, for a total transaction of $721,160.00. Following the sale, the chief technology officer now owns 339,295 shares of the company’s stock, valued at $22,244,180.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Monday, September 30th. The stock was sold at an average price of $66.20, for a total transaction of $926,800.00. Following the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $43,147,505. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 337,993 shares of company stock valued at $19,517,419.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets acquired a new stake in Reddit in the first quarter valued at approximately $37,000. SOA Wealth Advisors LLC. purchased a new position in shares of Reddit during the second quarter worth approximately $78,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of Reddit during the first quarter worth approximately $63,000. UMB Bank n.a. purchased a new position in shares of Reddit during the second quarter worth approximately $88,000. Finally, Sandia Investment Management LP purchased a new position in shares of Reddit during the first quarter worth approximately $79,000.

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.