Reddit (NYSE:RDDT) Given New $180.00 Price Target at Bank of America

Reddit (NYSE:RDDT) had its price target boosted by Bank of America from $99.00 to $180.00 in a research report report published on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

RDDT has been the subject of several other reports. Raymond James increased their target price on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a report on Thursday, October 10th. Sanford C. Bernstein increased their price objective on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. B. Riley reaffirmed a “buy” rating and issued a $112.00 target price (up from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Wells Fargo & Company assumed coverage on shares of Reddit in a research report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price target for the company. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $136.75.

Reddit Price Performance

RDDT stock opened at $167.48 on Wednesday. Reddit has a one year low of $37.35 and a one year high of $187.69. The company’s 50 day moving average price is $153.44 and its two-hundred day moving average price is $96.74.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, October 29th. The company reported $0.16 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 analysts’ expectations of $313.61 million. The business’s revenue was up 67.9% on a year-over-year basis. As a group, analysts anticipate that Reddit will post -3.46 earnings per share for the current year.

Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $75.43, for a total value of $1,056,020.00. Following the sale, the chief executive officer now owns 651,775 shares in the company, valued at $49,163,388.25. This represents a 2.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the firm’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 transaction, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at approximately $117,643,195.39. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 264,357 shares of company stock valued at $35,297,700.

Hedge Funds Weigh In On Reddit

A number of hedge funds have recently bought and sold shares of RDDT. Ridgewood Investments LLC raised its holdings in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the last quarter. Watts Gwilliam & Co. LLC purchased a new position in shares of Reddit in the fourth quarter worth $337,000. Everence Capital Management Inc. bought a new position in shares of Reddit during the fourth quarter valued at $531,000. Somnio Financial Group LLC purchased a new stake in shares of Reddit during the fourth quarter valued at $640,000. Finally, Lord Abbett & CO. LLC increased its holdings in Reddit by 1,519.4% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after buying an additional 1,548,450 shares in the last quarter.

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.