Reddit (NYSE:RDDT) Price Target Raised to $220.00

Reddit (NYSE:RDDT) had its target price lifted by Needham & Company LLC from $190.00 to $220.00 in a research note published on Thursday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

RDDT has been the topic of several other reports. Citigroup upped their target price on shares of Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Roth Mkm downgraded Reddit from a “buy” rating to a “neutral” rating and raised their price objective for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Robert W. Baird lifted their price objective on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Wells Fargo & Company began coverage on Reddit in a report on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 target price on the stock. Finally, Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $175.45.

Reddit Price Performance

Shares of RDDT stock opened at $196.37 on Thursday. The stock has a 50 day simple moving average of $182.33 and a 200-day simple moving average of $118.85. Reddit has a 12-month low of $37.35 and a 12-month high of $230.41.

Reddit (NYSE:RDDT) last released its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Sell-side analysts expect that Reddit will post -3.45 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the transaction, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at approximately $124,083,012.24. This trade represents a 2.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 19,838 shares of Reddit stock in a transaction on Monday, November 25th. The shares were sold at an average price of $143.22, for a total value 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. The trade was a 2.74 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 245,357 shares of company stock valued at $39,357,388.

Hedge Funds Weigh In On Reddit

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