Raymond James Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price target increased by Raymond James from $150.00 to $200.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “strong-buy” rating on the stock. Raymond James’ target price points to a potential upside of 8.70% from the stock’s previous close.

A number of other research analysts also recently issued reports on the stock. Guggenheim began coverage on shares of Reddit in a research report on Friday, December 20th. They issued a “buy” rating and a $210.00 price target on the stock. Robert W. Baird increased their target price on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Jefferies Financial Group lifted their price objective on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Citigroup lifted their price objective on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, JPMorgan Chase & Co. lifted 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. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $154.25.

Reddit Trading Up 4.9 %

Reddit stock traded up $8.66 during midday trading on Tuesday, reaching $183.99. The company had a trading volume of 2,940,928 shares, compared to its average volume of 4,610,275. Reddit has a 12-month low of $37.35 and a 12-month high of $187.69. The firm’s fifty day simple moving average is $158.98 and its 200-day simple moving average is $101.53.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit’s revenue was up 67.9% compared to the same quarter last year. On average, sell-side analysts predict that Reddit will post -3.48 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In related news, Director Mary Porter Gale sold 5,000 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the completion of the transaction, the director now owns 46,459 shares in the company, valued at approximately $5,314,909.60. This represents a 9.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $82,110,614.50. This represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 226,023 shares of company stock valued at $33,730,955 in the last quarter.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Hsbc Holdings PLC bought a new stake in shares of Reddit during the second quarter valued at about $203,000. Marshall Wace LLP lifted its position in Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after buying an additional 457,588 shares during the period. Alight Capital Management LP bought a new stake in shares of Reddit during the 2nd quarter valued at $3,194,000. Maverick Capital Ltd. raised its position in Reddit by 147.4% in the 2nd quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock worth $47,416,000 after buying an additional 442,145 shares during the last quarter. Finally, Scientech Research LLC increased its position in shares of Reddit by 120.0% during the 2nd quarter. Scientech Research LLC now owns 19,432 shares of the company’s stock valued at $1,242,000 after purchasing an additional 10,601 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.