Reddit (NYSE:RDDT) Given New $220.00 Price Target at Needham & Company LLC

Reddit (NYSE:RDDT) had its price objective upped by stock analysts at Needham & Company LLC from $190.00 to $220.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 1.40% from the company’s current price.

A number of other equities research analysts have also issued reports on RDDT. JMP Securities increased their target price on Reddit from $160.00 to $190.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. Wells Fargo & Company began coverage on shares of Reddit in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price objective for the company. Roth Mkm cut shares of Reddit from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Seaport Res Ptn raised shares of Reddit to a “hold” rating in a report on Thursday, February 6th. Finally, Robert W. Baird lifted their price target on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and an average price target of $165.45.

Reddit Price Performance

RDDT opened at $216.96 on Thursday. Reddit has a 1 year low of $37.35 and a 1 year high of $230.41. The firm has a 50 day moving average price of $180.60 and a 200 day moving average price of $117.29.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates 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, analysts forecast that Reddit will post -3.45 earnings per share for the current fiscal year.

Insider Activity

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of Reddit stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total value of $920,750.00. Following the transaction, the chief technology officer now owns 35,252 shares in the company, valued at approximately $6,491,655.80. The trade was a 12.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $125.98, for a total value of $1,763,720.00. Following the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at $82,110,614.50. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 259,357 shares of company stock worth $41,121,108 over the last 90 days.

Hedge Funds Weigh In On Reddit

A number of institutional investors have recently bought and sold shares of the stock. FMR LLC boosted its holdings in shares of Reddit by 302.8% in 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. Vanguard Group Inc. boosted its stake in Reddit by 184.2% in the 4th 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 period. Jennison Associates LLC purchased a new position in Reddit during the 4th quarter worth approximately $494,861,000. Holocene Advisors LP raised its stake in 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. lifted its holdings in shares of Reddit by 1,011.1% in the fourth 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 in 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.