Needham & Company LLC Forecasts Strong Price Appreciation for Reddit (NYSE:RDDT) Stock

Reddit (NYSE:RDDT) had its price objective boosted by investment analysts at Needham & Company LLC from $190.00 to $220.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 12.03% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Jefferies Financial Group lifted their price target on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. Guggenheim initiated coverage on shares of Reddit in a research report on Friday, December 20th. They set a “buy” rating and a $210.00 price target on the stock. Piper Sandler raised their price objective on shares of Reddit from $150.00 to $197.00 and gave the stock an “overweight” rating in a report on Tuesday, January 14th. Robert W. Baird upped their target price on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Finally, Loop Capital lifted their price target 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, eight have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Reddit has an average rating of “Moderate Buy” and an average price target of $175.45.

Reddit Trading Down 4.2 %

Shares of NYSE:RDDT opened at $196.37 on Thursday. The company has a 50-day moving average price of $181.65 and a 200-day moving average price of $117.91. The company has a market cap of $34.48 billion and a price-to-earnings ratio of -25.40. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41.

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

Insider Activity at Reddit

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the sale, the chief technology officer now directly owns 35,252 shares of the company’s stock, valued at $6,491,655.80. This trade represents a 12.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Andrew Vollero sold 19,838 shares of Reddit stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $143.22, for a total value of $2,841,198.36. Following the completion of the sale, the chief financial officer now owns 703,615 shares of the company’s stock, valued at $100,771,740.30. The trade was a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 245,357 shares of company stock valued at $39,357,388 over the last 90 days.

Institutional Trading of Reddit

A number of institutional investors have recently made changes to their positions in the stock. Plato Investment Management Ltd bought a new position in Reddit during the fourth quarter valued at approximately $27,000. EverSource Wealth Advisors LLC bought a new position in shares of Reddit during the 4th quarter valued at $28,000. Ridgewood Investments LLC boosted its stake in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new stake in shares of Reddit in the fourth quarter worth $33,000. Finally, Bogart Wealth LLC purchased a new stake in Reddit during the fourth quarter valued at $33,000.

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.