Robert W. Baird Forecasts Strong Price Appreciation for Reddit (NYSE:RDDT) Stock

Reddit (NYSE:RDDT) had its price target boosted by investment analysts at Robert W. Baird from $100.00 to $160.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Robert W. Baird’s price target points to a potential downside of 2.04% from the stock’s previous close.

RDDT has been the subject of a number of other research reports. JMP Securities boosted their price objective on shares of Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a report on Monday, November 25th. JPMorgan Chase & Co. boosted their price objective on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. B. Riley reaffirmed a “buy” rating and set a $112.00 price target (up previously from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Sanford C. Bernstein upped their price target on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group upped their price target on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $124.42.

Reddit Stock Performance

Reddit stock opened at $163.34 on Wednesday. The company’s 50-day moving average is $115.99 and its 200-day moving average is $80.43. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $180.74.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business’s revenue was up 67.9% compared to the same quarter last year. As a group, research analysts predict that Reddit will post -3.46 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $141.79, for a total value of $1,985,060.00. Following the completion of the transaction, the chief executive officer now directly owns 634,971 shares in the company, valued at approximately $90,032,538.09. This represents a 2.16 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Benjamin Seong Lee sold 18,519 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the completion of the transaction, the insider now owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. This trade represents a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 325,644 shares of company stock worth $31,195,790 in the last three months.

Institutional Investors Weigh In On Reddit

Several large investors have recently modified their holdings of the company. FMR LLC increased its position in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after buying an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. acquired a new stake in shares of Reddit during the third quarter worth $474,403,000. Holocene Advisors LP increased its position in shares of Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after buying an additional 1,923,109 shares during the period. Point72 Asset Management L.P. increased its position in shares of Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after buying an additional 2,225,895 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Reddit by 10.1% during the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after buying an additional 153,282 shares during the period.

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.