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

Reddit (NYSE:RDDT) had its target price boosted by Robert W. Baird from $160.00 to $185.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Robert W. Baird’s target price suggests a potential downside of 5.79% from the company’s previous close.

A number of other research firms have also recently commented on RDDT. Citigroup raised their target price on Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC boosted their price objective on Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday. Piper Sandler increased their target price on Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research report on Tuesday, January 14th. The Goldman Sachs Group boosted their price target on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Finally, Morgan Stanley raised shares of Reddit from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $70.00 to $200.00 in a report on Monday, December 9th. One 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $175.45.

Reddit Stock Down 4.2 %

Reddit stock opened at $196.37 on Thursday. Reddit has a 52 week low of $37.35 and a 52 week high of $230.41. The firm has a market cap of $34.48 billion and a price-to-earnings ratio of -25.40. The business’s 50-day moving average price is $181.65 and its 200 day moving average price is $117.91.

Reddit (NYSE:RDDT) last posted its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating 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%. Equities analysts expect that Reddit will post -3.45 EPS for the current year.

Insider Activity at Reddit

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total value of $920,750.00. Following the completion of the transaction, the chief technology officer now directly owns 35,252 shares in the company, valued at approximately $6,491,655.80. This represents a 12.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction 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 trade represents a 2.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 245,357 shares of company stock valued at $39,357,388.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Jennison Associates LLC purchased a new stake in shares of Reddit in the 4th quarter valued at approximately $494,861,000. Renaissance Capital LLC increased its holdings in Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after buying an additional 3,892 shares during the last quarter. ARK Investment Management LLC raised its stake in Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after buying an additional 192,785 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Reddit by 3,640.5% during the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after buying an additional 248,499 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. boosted its position in shares of Reddit by 666.7% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company’s stock worth $376,000 after acquiring an additional 2,000 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.