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

Reddit (NYSE:RDDT) had its target price lifted by Needham & Company LLC from $190.00 to $220.00 in a report published on Thursday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other research analysts also recently commented on the stock. B. Riley lifted their price target on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Robert W. Baird increased their target price on shares of Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Sanford C. Bernstein boosted their price target on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. Raymond James upped their price target on shares of Reddit from $200.00 to $250.00 and gave the company a “strong-buy” rating in a research report on Monday. Finally, JMP Securities lifted their price objective on Reddit from $160.00 to $190.00 and gave the stock a “market outperform” rating in a report on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $175.45.

Reddit Stock Performance

RDDT stock opened at $205.50 on Thursday. The company’s 50 day moving average is $180.60 and its 200 day moving average is $117.29. Reddit has a 1-year low of $37.35 and a 1-year high of $230.41.

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

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $128.13, for a total value of $4,270,957.29. Following the completion of the transaction, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $197,635,015.41. The trade was a 2.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $124,083,012.24. This trade represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 245,357 shares of company stock worth $39,357,388 in the last quarter.

Institutional Investors Weigh In On Reddit

Large investors have recently bought and sold shares of the business. NewEdge Advisors LLC raised its stake in Reddit by 446.8% during the 4th quarter. NewEdge Advisors LLC now owns 3,281 shares of the company’s stock valued at $536,000 after buying an additional 2,681 shares during the last quarter. United Capital Financial Advisors LLC purchased a new stake in Reddit during the fourth quarter valued at $218,000. Guggenheim Capital LLC purchased a new stake in Reddit during the fourth quarter valued at $606,000. Portolan Capital Management LLC lifted its holdings in Reddit by 195.5% in the fourth quarter. Portolan Capital Management LLC now owns 131,622 shares of the company’s stock valued at $21,512,000 after acquiring an additional 87,080 shares during the period. Finally, Mariner LLC boosted its position in Reddit by 244.3% in the fourth quarter. Mariner LLC now owns 21,650 shares of the company’s stock worth $3,538,000 after purchasing an additional 15,361 shares during 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.