Reddit (NYSE:RDDT) Given New $187.00 Price Target at B. Riley

Reddit (NYSE:RDDT) had its price objective increased by B. Riley from $112.00 to $187.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages have also recently weighed in on RDDT. Jefferies Financial Group upped their price objective on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. 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 research report on Wednesday, October 30th. Bank of America raised their price target on shares of Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a report on Wednesday, January 8th. Wells Fargo & Company initiated coverage on Reddit in a report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective on the stock. Finally, Piper Sandler lifted their target price on Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $148.25.

Reddit Price Performance

Shares of Reddit stock opened at $165.04 on Tuesday. Reddit has a 52-week low of $37.35 and a 52-week high of $187.69. The company’s fifty day moving average price is $155.39 and its two-hundred day moving average price is $98.65.

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

Insider Activity at Reddit

In other Reddit news, Director Mary Porter Gale sold 5,000 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $114.40, for a total transaction of $572,000.00. Following the completion of the sale, the director now owns 46,459 shares of the company’s stock, valued at $5,314,909.60. This trade represents a 9.72 % 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 dated Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $101,577,760.02. The trade was a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 217,023 shares of company stock valued at $31,699,295.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. FMR LLC increased its position in 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 acquiring an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. acquired a new stake in shares of Reddit during the 3rd quarter worth $474,403,000. Holocene Advisors LP grew its stake in 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 in the last quarter. Point72 Asset Management L.P. increased its stake in Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after acquiring an additional 2,225,895 shares during the last quarter. Finally, Lord Abbett & CO. LLC raised its position in Reddit by 1,519.4% during the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after purchasing an additional 1,548,450 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.