Reddit (NYSE:RDDT) Given New $85.00 Price Target at Needham & Company LLC

Reddit (NYSE:RDDT) had its target price hoisted by Needham & Company LLC from $75.00 to $85.00 in a research note issued to investors on Wednesday, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other brokerages also recently issued reports on RDDT. Roth Mkm lowered their price target on Reddit from $67.00 to $66.00 and set a buy rating on the stock in a research report on Wednesday, August 7th. Loop Capital upgraded Reddit from a hold rating to a buy rating and set a $75.00 price target on the stock in a research report on Thursday, August 1st. Raymond James increased their price target on Reddit from $65.00 to $70.00 and gave the stock a strong-buy rating in a research report on Wednesday, July 31st. B. Riley started coverage on Reddit in a research report on Friday, September 20th. They issued a buy rating and a $75.00 target price on the stock. Finally, Piper Sandler raised their target price on Reddit from $65.00 to $70.00 and gave the company an overweight rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $69.56.

Reddit Trading Up 4.8 %

Shares of RDDT stock opened at $73.25 on Wednesday. The business’s 50 day moving average is $60.86 and its two-hundred day moving average is $58.12. Reddit has a 12-month low of $37.35 and a 12-month high of $78.08.

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

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total transaction of $755,720.00. Following the completion of the sale, the chief executive officer now owns 672,352 shares of the company’s stock, valued at $36,293,560.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Mary Porter Gale sold 15,000 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $52.73, for a total value of $790,950.00. Following the sale, the director now owns 101,459 shares in the company, valued at approximately $5,349,933.07. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total value of $755,720.00. Following the transaction, the chief executive officer now directly owns 672,352 shares of the company’s stock, valued at $36,293,560.96. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 337,993 shares of company stock valued at $19,517,419.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RDDT. DekaBank Deutsche Girozentrale acquired a new position in shares of Reddit during the 1st quarter worth about $7,363,000. Commonwealth Equity Services LLC acquired a new position in shares of Reddit during the 1st quarter worth about $1,111,000. BNP Paribas Financial Markets acquired a new position in shares of Reddit during the 1st quarter worth about $37,000. Vanguard Group Inc. acquired a new position in shares of Reddit during the 1st quarter worth about $82,167,000. Finally, Maverick Capital Ltd. boosted its position in shares of Reddit by 147.4% during the 2nd quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock worth $47,416,000 after acquiring an additional 442,145 shares in the last quarter.

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.