Reddit (NYSE:RDDT) PT Raised to $45.00 at Sanford C. Bernstein

Reddit (NYSE:RDDT) had its price target lifted by equities research analysts at Sanford C. Bernstein from $40.00 to $45.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “underperform” rating on the stock.

Other equities analysts also recently issued research reports about the company. The Goldman Sachs Group initiated coverage on Reddit in a research report on Monday, April 15th. They set a “neutral” rating and a $40.00 price target for the company. Roth Capital restated a “buy” rating on shares of Reddit in a report on Monday, April 15th. JMP Securities began coverage on shares of Reddit in a research note on Monday, April 15th. They issued an “outperform” rating and a $53.00 price target on the stock. Piper Sandler increased their price objective on shares of Reddit from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Roth Mkm lifted their target price on Reddit from $50.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of 54.87.

Reddit Trading Down 2.5 %

Shares of NYSE:RDDT opened at 50.11 on Wednesday. Reddit has a 52 week low of 37.35 and a 52 week high of 74.90.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The company had revenue of 243.00 million for the quarter, compared to analyst estimates of 213.99 million. The firm’s quarterly revenue was up 48.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.05) EPS. Equities research analysts predict that Reddit will post -7.09 EPS for the current fiscal year.

Insider Transactions at Reddit

In other news, Director David C. Habiger acquired 3,000 shares of the stock in a transaction on Monday, March 25th. The shares were purchased at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the transaction, the director now directly owns 24,906 shares of the company’s stock, valued at 846,804. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other Reddit news, CEO Steve Ladd Huffman sold 500,000 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 16,150,000.00. Following the sale, the chief executive officer now directly owns 710,306 shares in the company, valued at 22,942,883.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David C. Habiger bought 3,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was purchased at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the completion of the acquisition, the director now owns 24,906 shares in the company, valued at 846,804. The disclosure for this purchase can be found here. Insiders sold a total of 1,084,798 shares of company stock worth $35,038,975 over the last quarter.

Institutional Trading of Reddit

Large investors have recently made changes to their positions in the company. Congress Park Capital LLC acquired a new position in Reddit during the first quarter worth about $279,000. Raymond James Financial Services Advisors Inc. bought a new stake in Reddit in the first quarter valued at approximately $2,057,000. Seven Grand Managers LLC acquired a new stake in Reddit during the 1st quarter valued at approximately $986,000. Global Retirement Partners LLC bought a new position in Reddit during the 1st quarter worth approximately $27,000. Finally, Commonwealth Equity Services LLC bought a new position in Reddit during the 1st quarter worth approximately $1,111,000.

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.