Loop Capital Raises Reddit (NYSE:RDDT) Price Target to $180.00

Reddit (NYSE:RDDT) had its price objective boosted by research analysts at Loop Capital from $120.00 to $180.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Loop Capital’s price target suggests a potential upside of 20.07% from the stock’s current price.

Other equities analysts have also issued reports about the stock. JPMorgan Chase & Co. upped their price target on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Bank of America upped their target price on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. B. Riley reissued a “buy” rating and set a $112.00 price target (up from $87.00) on shares of Reddit in a report on Wednesday, October 30th. The Goldman Sachs Group upped their price objective on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Finally, Citigroup lifted their target price on Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $103.17.

Reddit Price Performance

RDDT stock opened at $149.92 on Monday. The business’s 50-day moving average is $102.91 and its two-hundred day moving average is $75.68. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $158.49.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The company’s revenue was up 67.9% on a year-over-year basis. Equities research analysts forecast that Reddit will post -3.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the sale, the chief technology officer now owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. This represents a 14.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $59.19, for a total transaction of $828,660.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at $38,578,562.25. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 325,644 shares of company stock valued at $31,195,790 over the last ninety days.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. FMR LLC raised its holdings in shares of Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after buying an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. bought a new position in Reddit in the 3rd quarter valued at $474,403,000. Holocene Advisors LP increased its stake in Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after purchasing an additional 1,923,109 shares during the period. Point72 Asset Management L.P. lifted its position 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 worth $151,357,000 after purchasing an additional 2,225,895 shares during the last quarter. Finally, Vanguard Group Inc. purchased a new stake in shares of Reddit during the first quarter valued at $82,167,000.

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.