Roth Mkm Increases Reddit (NYSE:RDDT) Price Target to $61.00

Reddit (NYSE:RDDT) had its price objective raised by equities research analysts at Roth Mkm from $50.00 to $61.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock.

Several other research analysts have also weighed in on RDDT. Piper Sandler upped their target price on Reddit from $50.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday. JMP Securities began coverage on shares of Reddit in a research report on Monday, April 15th. They issued an “outperform” rating and a $53.00 target price for the company. Loop Capital began coverage on shares of Reddit in a research note on Monday, April 15th. They issued a “buy” rating and a $55.00 price objective for the company. Bank of America initiated coverage on shares of Reddit in a research report on Tuesday, April 16th. They set a “neutral” rating and a $46.00 target price on the stock. Finally, Sanford C. Bernstein began coverage on Reddit in a report on Thursday, April 4th. They set an “underperform” rating and a $40.00 price objective on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of 52.40.

Reddit Stock Performance

Shares of RDDT stock traded up 0.91 during trading on Wednesday, hitting 50.31. 9,961,212 shares of the company were exchanged, compared to its average volume of 6,257,822. Reddit has a twelve month low of 37.35 and a twelve month high of 74.90.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing the consensus estimate of -2.34 by -5.85. The firm had revenue of 243.00 million for the quarter, compared to analyst estimates of 213.99 million. During the same quarter in the prior year, the company posted ($1.05) EPS. The firm’s quarterly revenue was up 48.4% compared to the same quarter last year. On average, sell-side analysts forecast that Reddit will post -7.09 earnings per share for the current year.

Insider Activity at Reddit

In other news, CAO Michelle Marie Reynolds sold 3,033 shares of Reddit stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 97,965.90. Following the sale, the chief accounting officer now owns 96,413 shares of the company’s stock, valued at approximately 3,114,139.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Reddit news, Director David C. Habiger purchased 3,000 shares of the business’s stock in a transaction on Monday, March 25th. The stock was purchased at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the completion of the purchase, the director now directly owns 24,906 shares in the company, valued at 846,804. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Michelle Marie Reynolds sold 3,033 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 97,965.90. Following the completion of the sale, the chief accounting officer now owns 96,413 shares in the company, valued at 3,114,139.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Trading of Reddit

Institutional investors have recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. acquired a new position in Reddit in the first quarter worth $2,057,000. Commonwealth Equity Services LLC acquired a new position in Reddit during the 1st quarter worth about $1,111,000. Seven Grand Managers LLC bought a new stake in Reddit during the 1st quarter worth about $986,000. Congress Park Capital LLC bought a new stake in Reddit during the 1st quarter worth about $279,000. Finally, SG Americas Securities LLC bought a new position in shares of Reddit in the first quarter worth about $265,000.

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.