Reddit (NYSE:RDDT) Given New $116.00 Price Target at Roth Mkm

Reddit (NYSE:RDDT) had its price objective increased by analysts at Roth Mkm from $89.00 to $116.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Roth Mkm’s price target points to a potential downside of 2.64% from the stock’s previous close.

Several other equities research analysts also recently commented on the stock. Jefferies Financial Group lifted their target price on shares of Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Loop Capital boosted their price target on shares of Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Needham & Company LLC boosted their price target on shares of Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday. Piper Sandler restated an “overweight” rating and issued a $115.00 price target (up previously from $70.00) on shares of Reddit in a research report on Wednesday. Finally, Cannonball Research started coverage on shares of Reddit in a research report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price target on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus target price of $89.72.

Reddit Trading Up 2.7 %

NYSE:RDDT opened at $119.15 on Wednesday. The firm’s 50 day simple moving average is $69.05 and its 200 day simple moving average is $61.61. Reddit has a one year low of $37.35 and a one year high of $123.60.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The company’s revenue was up 67.9% on a year-over-year basis. As a group, sell-side analysts expect that Reddit will post -4.05 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, CFO Andrew Vollero sold 11,287 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total transaction of $722,368.00. Following the completion of the sale, the chief financial officer now owns 840,379 shares in the company, valued at approximately $53,784,256. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Andrew Vollero sold 11,287 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total value of $722,368.00. Following the completion of the sale, the chief financial officer now owns 840,379 shares in the company, valued at $53,784,256. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the sale, the chief technology officer now owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 390,327 shares of company stock worth $23,503,224.

Hedge Funds Weigh In On Reddit

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. VY Capital Management Co. Ltd. bought a new position in Reddit during the third quarter worth about $474,403,000. Inclusive Capital Partners L.P. bought a new position in Reddit during the first quarter worth about $103,051,000. Vanguard Group Inc. bought a new position in Reddit during the first quarter worth about $82,167,000. Price T Rowe Associates Inc. MD bought a new position in Reddit during the first quarter worth about $37,015,000. Finally, Blackstone Inc. bought a new position in Reddit during the first quarter worth about $36,990,000.

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.