Loop Capital Boosts Reddit (NYSE:RDDT) Price Target to $75.00

Reddit (NYSE:RDDT) had its price target hoisted by Loop Capital from $60.00 to $75.00 in a research note published on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also commented on RDDT. Roth Mkm boosted their price objective on Reddit from $50.00 to $61.00 and gave the stock a buy rating in a research note on Wednesday, May 8th. Needham & Company LLC increased their price objective on Reddit from $63.00 to $75.00 and gave the company a buy rating in a research note on Tuesday, June 18th. Morgan Stanley began coverage on shares of Reddit in a research note on Monday, April 15th. They set an equal weight rating and a $45.00 target price on the stock. Piper Sandler increased their target price on shares of Reddit from $50.00 to $65.00 and gave the company an overweight rating in a research report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. started coverage on shares of Reddit in a research report on Monday, April 15th. They set a neutral rating and a $47.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of 58.33.

Reddit Stock Performance

NYSE:RDDT opened at 73.62 on Wednesday. Reddit has a 52 week low of 37.35 and a 52 week high of 74.90. The company’s 50-day simple moving average is 57.23.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 earnings per share (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 last year, the firm posted ($1.05) earnings per share. As a group, analysts expect that Reddit will post -4.71 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Michelle Marie Reynolds sold 6,618 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 390,064.92. Following the sale, the chief accounting officer now directly owns 89,795 shares of the company’s stock, valued at approximately 5,292,517.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Michelle Marie Reynolds sold 6,618 shares of the firm’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 390,064.92. Following the completion of the transaction, the chief accounting officer now directly owns 89,795 shares in the company, valued at approximately 5,292,517.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 42,299 shares of Reddit stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total transaction of 2,493,103.06. Following the completion of the transaction, the chief executive officer now owns 689,157 shares of the company’s stock, valued at approximately 40,618,913.58. The disclosure for this sale can be found here. In the last ninety days, insiders sold 192,689 shares of company stock valued at $11,357,090.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RDDT. Moody National Bank Trust Division acquired a new position in shares of Reddit during the second quarter worth about $636,000. DekaBank Deutsche Girozentrale purchased a new position in Reddit in the first quarter worth approximately $7,363,000. Rokos Capital Management LLP purchased a new stake in shares of Reddit in the 1st quarter valued at approximately $370,000. Janus Henderson Group PLC acquired a new stake in shares of Reddit in the 1st quarter valued at $741,000. Finally, Blackstone Inc. purchased a new stake in shares of Reddit during the 1st quarter worth $36,990,000.

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.