Robert W. Baird Forecasts Strong Price Appreciation for Reddit (NYSE:RDDT) Stock

Reddit (NYSE:RDDT) had its price target hoisted by Robert W. Baird from $160.00 to $185.00 in a report released on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Robert W. Baird’s price objective would suggest a potential downside of 14.73% from the stock’s previous close.

RDDT has been the topic of several other reports. Morgan Stanley upgraded shares of Reddit from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $70.00 to $200.00 in a research report on Monday, December 9th. Seaport Res Ptn upgraded Reddit to a “hold” rating in a report on Thursday, February 6th. Piper Sandler raised their price objective on Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research note on Tuesday, January 14th. JMP Securities boosted their target price on Reddit from $160.00 to $190.00 and gave the stock a “market outperform” rating in a research report on Monday, January 27th. Finally, Sanford C. Bernstein raised their price target on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $165.45.

Reddit Stock Performance

Reddit stock opened at $216.96 on Thursday. The stock’s 50 day moving average price is $180.60 and its 200 day moving average price is $117.29. Reddit has a 1-year low of $37.35 and a 1-year high of $230.41.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. As a group, sell-side analysts forecast that Reddit will post -3.45 EPS for the current fiscal year.

Insider Activity at Reddit

In related news, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the transaction, the insider now owns 138,401 shares in the company, valued at approximately $20,214,850.06. The trade was a 11.80 % decrease in their position. The transaction 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 company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the sale, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at approximately $82,110,614.50. This trade represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 259,357 shares of company stock worth $41,121,108.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Plato Investment Management Ltd acquired a new stake in shares of Reddit in the fourth quarter valued at about $27,000. EverSource Wealth Advisors LLC purchased a new position in Reddit in the 4th quarter worth approximately $28,000. Ridgewood Investments LLC grew its position in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. purchased a new stake in shares of Reddit during the fourth quarter valued at approximately $33,000. Finally, Bogart Wealth LLC purchased a new stake in shares of Reddit during the fourth quarter valued at approximately $33,000.

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.