Citigroup Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price objective increased by Citigroup from $120.00 to $200.00 in a research report sent to investors on Friday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other research analysts have also issued reports on the company. Roth Mkm increased their target price on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Raymond James increased their price target on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 10th. Needham & Company LLC raised their target price on shares of Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. JMP Securities upped their price target on Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research note on Monday, November 25th. Finally, JPMorgan Chase & Co. boosted their target price on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $132.70.

Reddit Price Performance

Shares of NYSE RDDT opened at $170.71 on Friday. The business has a 50-day moving average of $127.73 and a 200-day moving average of $85.35. Reddit has a 12 month low of $37.35 and a 12 month high of $180.74.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (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. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm’s revenue was up 67.9% on a year-over-year basis. Analysts predict that Reddit will post -3.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Andrew Vollero sold 19,838 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the transaction, the chief financial officer now owns 703,615 shares in the company, valued at $100,771,740.30. This trade represents a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $66.20, for a total value of $926,800.00. Following the transaction, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at approximately $43,147,505. The trade was a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 253,357 shares of company stock valued at $32,041,530.

Institutional Trading of Reddit

Several hedge funds have recently modified their holdings of RDDT. StoneCrest Wealth Management Inc. raised its position 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 valued at $451,000 after buying an additional 176 shares in the last quarter. Whittier Trust Co. purchased a new position in shares of Reddit in the 3rd quarter worth approximately $42,000. SOA Wealth Advisors LLC. increased its position in shares of Reddit by 56.3% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after purchasing an additional 691 shares during the last quarter. MML Investors Services LLC raised its holdings in Reddit by 12.0% during the 3rd quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock valued at $467,000 after buying an additional 757 shares during the period. Finally, Vestor Capital LLC increased its position in Reddit by 1.1% during the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock valued at $5,589,000 after acquiring an additional 922 shares during the last quarter.

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.