Reddit (NYSE:RDDT) Price Target Increased to $59.00 by Analysts at Robert W. Baird

Reddit (NYSE:RDDT) had its price target lifted by Robert W. Baird from $50.00 to $59.00 in a research note released on Wednesday, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research analysts have also commented on RDDT. JPMorgan Chase & Co. began coverage on shares of Reddit in a research report on Monday, April 15th. They set a neutral rating and a $47.00 price target for the company. JMP Securities initiated coverage on Reddit in a research report on Monday, April 15th. They set an outperform rating and a $53.00 target price for the company. Citigroup assumed coverage on Reddit in a research note on Monday, April 15th. They issued a buy rating and a $53.00 target price on the stock. Raymond James began coverage on Reddit in a research report on Monday, April 15th. They set a strong-buy rating and a $50.00 price target for the company. Finally, Morgan Stanley began coverage on shares of Reddit in a research note on Monday, April 15th. They issued an equal weight rating and a $45.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Reddit presently has a consensus rating of Moderate Buy and an average price target of 53.87.

Reddit Stock Performance

Shares of NYSE RDDT opened at 51.40 on Wednesday. Reddit has a 52 week low of 37.35 and a 52 week high of 74.90.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The firm had revenue of 243.00 million for the quarter, compared to analysts’ expectations of 213.99 million. The company’s quarterly revenue was up 48.4% on a year-over-year basis. During the same quarter last year, the firm posted ($1.05) earnings per share. Research analysts predict that Reddit will post -7.09 EPS for the current year.

Insider Activity

In other news, CAO Michelle Marie Reynolds sold 3,033 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was 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 of the company’s stock, valued at approximately 3,114,139.90. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Reddit news, CEO Steve Ladd Huffman sold 500,000 shares of the firm’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 16,150,000.00. Following the sale, the chief executive officer now owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Michelle Marie Reynolds sold 3,033 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 97,965.90. Following the completion of the transaction, the chief accounting officer now owns 96,413 shares in the company, valued at approximately 3,114,139.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Trading of Reddit

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

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.