Reddit (NYSE:RDDT) Price Target Raised to $180.00 at Bank of America

Reddit (NYSE:RDDT) had its target price increased by research analysts at Bank of America from $99.00 to $180.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price objective suggests a potential upside of 6.89% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the company. Guggenheim assumed coverage on Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 target price for the company. Piper Sandler reiterated an “overweight” rating and set a $150.00 target price (up from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. JPMorgan Chase & Co. raised their price objective on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Raymond James upped their price target on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. Finally, Loop Capital upped their target price on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $136.75.

Reddit Trading Down 2.3 %

Shares of RDDT stock traded down $3.92 during mid-day trading on Wednesday, reaching $168.40. The company’s stock had a trading volume of 2,054,271 shares, compared to its average volume of 5,012,963. The firm’s 50-day moving average is $150.17 and its two-hundred day moving average is $94.90. Reddit has a 1-year low of $37.35 and a 1-year high of $187.69.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit’s revenue was up 67.9% on a year-over-year basis. On average, equities research analysts forecast that Reddit will post -3.46 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other Reddit news, CFO Andrew Vollero sold 19,838 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the transaction, the chief financial officer now owns 703,615 shares of the company’s stock, valued at approximately $100,771,740.30. This trade represents a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $75.43, for a total transaction of $1,056,020.00. Following the transaction, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at approximately $49,163,388.25. This trade represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 264,357 shares of company stock worth $35,297,700.

Institutional Trading of Reddit

Several institutional investors have recently added to or reduced their stakes in the business. FMR LLC increased its holdings in Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after acquiring an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. purchased a new position in shares of Reddit during the third quarter worth approximately $474,403,000. Holocene Advisors LP lifted its stake in Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after acquiring an additional 1,923,109 shares during the period. Point72 Asset Management L.P. increased its holdings in shares of Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after acquiring an additional 2,225,895 shares during the period. Finally, Lord Abbett & CO. LLC lifted its position in Reddit by 1,519.4% during the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after acquiring an additional 1,548,450 shares during 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.