Reddit (NYSE:RDDT) Given New $210.00 Price Target at Morgan Stanley

Reddit (NYSE:RDDT) had its target price lifted by equities researchers at Morgan Stanley from $200.00 to $210.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price objective would suggest a potential downside of 3.21% from the stock’s previous close.

Several other analysts have also commented on RDDT. Bank of America raised their price objective on shares of Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a report on Wednesday, January 8th. Citigroup raised their target price on Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Seaport Res Ptn raised Reddit to a “hold” rating in a research note on Thursday, February 6th. Roth Mkm lowered Reddit from a “buy” rating to a “neutral” rating and raised their price objective for the company from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Finally, Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $165.45.

Reddit Stock Performance

Shares of Reddit stock opened at $216.96 on Thursday. The business has a 50 day moving average of $180.60 and a 200 day moving average of $117.29. Reddit has a 52 week low of $37.35 and a 52 week high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. As a group, equities research analysts forecast that Reddit will post -3.45 EPS for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 18,519 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 138,401 shares in the company, valued at approximately $20,214,850.06. This represents a 11.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $82,110,614.50. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 259,357 shares of company stock valued at $41,121,108.

Institutional Investors Weigh In On Reddit

A number of hedge funds have recently added to or reduced their stakes in the stock. FMR LLC boosted its stake in shares of Reddit by 302.8% in the 3rd 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 last quarter. Vanguard Group Inc. boosted its position in Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares during the last quarter. Jennison Associates LLC purchased a new position in Reddit in the fourth quarter worth about $494,861,000. Holocene Advisors LP grew its stake in shares of Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares during the period. Finally, Alliancebernstein L.P. increased its position in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after purchasing an additional 2,537,768 shares during the last quarter.

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.