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

Reddit (NYSE:RDDT) had its price objective lifted by Piper Sandler from $150.00 to $197.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other equities research analysts also recently weighed in on RDDT. Morgan Stanley raised shares of Reddit from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $70.00 to $200.00 in a research note on Monday, December 9th. Sanford C. Bernstein boosted their target price on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group upped their price target on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research note on Tuesday. Bank of America raised their price objective on Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a research note on Wednesday, January 8th. Finally, Citigroup upped their target price on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and an average price target of $148.25.

Reddit Price Performance

Shares of NYSE:RDDT opened at $174.81 on Tuesday. The business’s 50-day moving average is $156.38 and its 200-day moving average is $99.15. Reddit has a 1 year low of $37.35 and a 1 year high of $187.69.

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 analysts’ consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Reddit’s revenue was up 67.9% compared to the same quarter last year. Equities analysts anticipate that Reddit will post -3.46 EPS for the current fiscal year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares in the company, valued at $101,577,760.02. This trade represents a 2.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Christopher Brian Slowe sold 11,000 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $169.85, for a total value of $1,868,350.00. Following the completion of the transaction, the chief technology officer now owns 324,837 shares in the company, valued at approximately $55,173,564.45. The trade was a 3.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 217,023 shares of company stock worth $31,699,295 in the last ninety days.

Institutional Investors Weigh In On Reddit

Several institutional investors have recently added to or reduced their stakes in RDDT. Ridgewood Investments LLC raised its position in shares of 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 purchasing an additional 100 shares during the period. Whittier Trust Co. purchased a new position in Reddit in the 3rd quarter valued at approximately $42,000. Daiwa Securities Group Inc. bought a new stake in Reddit during the 3rd quarter valued at $85,000. AdvisorNet Financial Inc lifted its position in shares of Reddit by 41.9% during the fourth quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock worth $111,000 after acquiring an additional 201 shares in the last quarter. Finally, SOA Wealth Advisors LLC. boosted its holdings in shares of Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after acquiring an additional 691 shares during the period.

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.