Needham & Company LLC Increases Reddit (NYSE:RDDT) Price Target to $75.00

Reddit (NYSE:RDDT) had its price target lifted by stock analysts at Needham & Company LLC from $63.00 to $75.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock.

RDDT has been the topic of several other research reports. JPMorgan Chase & Co. started coverage on shares of Reddit in a research note on Monday, April 15th. They issued a “neutral” rating and a $47.00 price target on the stock. The Goldman Sachs Group upped their target price on shares of Reddit from $40.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Reddit from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Raymond James began coverage on shares of Reddit in a research report on Monday, April 15th. They set a “strong-buy” rating and a $50.00 target price on the stock. Finally, Robert W. Baird upped their target price on shares of Reddit from $50.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. One investment 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 company. According to data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of 57.00.

Reddit Stock Performance

Shares of RDDT stock opened at 60.21 on Tuesday. Reddit has a 52 week low of 37.35 and a 52 week high of 74.90. The business has a fifty day moving average of 52.83.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing the consensus estimate of -2.34 by -5.85. The business had revenue of 243.00 million for the quarter, compared to analyst estimates of 213.99 million. The firm’s quarterly revenue was up 48.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.05) EPS. As a group, equities analysts expect that Reddit will post -4.71 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 5,975,500.00. Following the transaction, the chief technology officer now directly owns 413,684 shares in the company, valued at approximately 13,361,993.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 5,975,500.00. Following the transaction, the chief technology officer now directly owns 413,684 shares in the company, valued at approximately 13,361,993.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 20,034 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 1,180,803.96. Following the completion of the transaction, the insider now owns 259,312 shares in the company, valued at 15,283,849.28. The disclosure for this sale can be found here. Insiders have sold 1,277,487 shares of company stock worth $46,396,065 in the last three months.

Hedge Funds Weigh In On Reddit

Hedge funds and other institutional investors have recently modified their holdings of the business. Global Retirement Partners LLC bought a new position in shares of Reddit during the first quarter valued at approximately $27,000. BNP Paribas Financial Markets bought a new position in shares of Reddit during the first quarter valued at approximately $37,000. ANTIPODES PARTNERS Ltd bought a new position in shares of Reddit during the first quarter valued at approximately $63,000. Sandia Investment Management LP bought a new position in shares of Reddit during the first quarter valued at approximately $79,000. Finally, SG Americas Securities LLC bought a new position in shares of Reddit during the first quarter valued at approximately $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.