Reddit (NYSE:RDDT) Price Target Raised to $100.00 at Jefferies Financial Group

Reddit (NYSE:RDDT) had its price objective raised by Jefferies Financial Group from $90.00 to $100.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s price objective points to a potential upside of 28.98% from the company’s current price.

Other analysts also recently issued reports about the stock. Roth Mkm reduced their target price on shares of Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Needham & Company LLC boosted their price objective on Reddit from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group raised their price objective on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. JPMorgan Chase & Co. boosted their target price on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. Finally, Piper Sandler raised their price target on Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $72.78.

Reddit Price Performance

Shares of Reddit stock opened at $77.53 on Tuesday. The stock has a 50 day moving average of $64.58 and a 200 day moving average of $59.69. Reddit has a 12 month low of $37.35 and a 12 month high of $81.36.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The business had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. During the same period last year, the business posted ($0.70) earnings per share. The company’s revenue for the quarter was up 53.6% compared to the same quarter last year. As a group, analysts forecast that Reddit will post -4.1 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In related news, Director Mary Porter Gale sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $52.31, for a total value of $1,569,300.00. Following the completion of the sale, the director now owns 71,459 shares in the company, valued at approximately $3,738,020.29. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $76.27, for a total value of $2,542,384.18. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $117,643,195.39. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Mary Porter Gale sold 30,000 shares of Reddit stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.31, for a total value of $1,569,300.00. Following the completion of the transaction, the director now owns 71,459 shares in the company, valued at $3,738,020.29. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 385,327 shares of company stock valued at $23,115,824.

Institutional Trading of Reddit

Hedge funds have recently modified their holdings of the company. StoneCrest Wealth Management Inc. raised its stake in shares of Reddit by 2.6% during the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after acquiring an additional 176 shares in the last quarter. Whittier Trust Co. purchased a new stake in shares of Reddit during the 3rd quarter valued at $42,000. BNP Paribas Financial Markets acquired a new stake in shares of Reddit in the 1st quarter worth $37,000. SOA Wealth Advisors LLC. purchased a new position in Reddit during the 2nd quarter worth $78,000. Finally, ANTIPODES PARTNERS Ltd acquired a new position in Reddit during the 1st quarter valued at about $63,000.

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.