Loop Capital Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its target price boosted by Loop Capital from $180.00 to $210.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Loop Capital’s price target would suggest a potential upside of 2.19% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Needham & Company LLC boosted their price target on Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday. Bank of America lifted their price objective on shares of Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday. JPMorgan Chase & Co. raised their target price on shares of Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday. Raymond James increased their price target on shares of Reddit from $200.00 to $250.00 and gave the company a “strong-buy” rating in a report on Monday. Finally, Seaport Res Ptn raised Reddit to a “hold” rating in a research report on Thursday, February 6th. 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $175.45.

Reddit Stock Down 5.1 %

RDDT stock traded down $10.97 during mid-day trading on Thursday, reaching $205.50. The company had a trading volume of 21,053,064 shares, compared to its average volume of 5,606,817. Reddit has a 52 week low of $37.35 and a 52 week high of $230.41. The stock has a 50 day simple moving average of $180.60 and a two-hundred day simple moving average of $117.29.

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

Insider Buying and Selling at Reddit

In related news, COO Jennifer L. Wong sold 33,333 shares of the 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 owns 1,542,457 shares of the company’s stock, valued at $197,635,015.41. This represents a 2.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $82,110,614.50. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 259,357 shares of company stock worth $41,121,108 over the last three months.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently modified their holdings of the company. FMR LLC raised its position in Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after purchasing an additional 9,139,196 shares during the last quarter. Vanguard Group Inc. raised its holdings in Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after buying an additional 5,950,909 shares during the last quarter. Jennison Associates LLC bought a new stake in Reddit during the 4th quarter worth approximately $494,861,000. Alliancebernstein L.P. increased its position in Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after acquiring an additional 2,537,768 shares during the period. Finally, Point72 Asset Management L.P. raised its stake in shares of Reddit by 3,172.0% during the third 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 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.