Reddit (NYSE:RDDT) PT Raised to $90.00

Reddit (NYSE:RDDT) had its price objective hoisted by analysts at Loop Capital from $80.00 to $90.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Loop Capital’s price objective indicates a potential upside of 10.62% from the company’s current price.

Other analysts have also issued reports about the stock. B. Riley lifted their target price on shares of Reddit from $75.00 to $87.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Cannonball Research started coverage on Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective on the stock. Sanford C. Bernstein raised their target price on Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, July 22nd. The Goldman Sachs Group upped their price target on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Finally, Needham & Company LLC lifted their price objective on Reddit from $75.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $73.61.

Reddit Price Performance

Shares of Reddit stock opened at $81.36 on Friday. The firm has a fifty day moving average price of $65.57 and a two-hundred day moving average price of $60.17. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $81.72.

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

Insider Activity at Reddit

In other Reddit news, CFO Andrew Vollero sold 11,287 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $53,784,256. This represents 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 other Reddit news, CFO Andrew Vollero sold 11,287 shares of Reddit stock in a transaction that occurred 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 transaction, the chief financial officer now owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. 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 through the SEC website. Also, COO Jennifer L. Wong sold 50,000 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the sale, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at $100,275,129.57. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 390,327 shares of company stock worth $23,503,224 in the last ninety days.

Institutional Trading of Reddit

Institutional investors have recently modified their holdings of the company. Commonwealth Equity Services LLC acquired a new stake in Reddit in the 1st quarter valued at approximately $1,111,000. BNP Paribas Financial Markets acquired a new stake in shares of Reddit in the first quarter valued at approximately $37,000. SG Americas Securities LLC bought a new stake in shares of Reddit in the first quarter worth $265,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Reddit in the first quarter worth $63,000. Finally, Vanguard Group Inc. acquired a new position in Reddit during the first quarter worth $82,167,000.

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.