Raymond James Forecasts Strong Price Appreciation for Reddit (NYSE:RDDT) Stock

Reddit (NYSE:RDDT) had its price target raised by investment analysts at Raymond James from $150.00 to $200.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “strong-buy” rating on the stock. Raymond James’ target price indicates a potential upside of 8.70% from the company’s previous close.

Several other equities research analysts have also recently issued reports on RDDT. Loop Capital raised their price target on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Sanford C. Bernstein upped their price target on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th. Bank of America increased their price objective on Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a report on Wednesday, January 8th. Wells Fargo & Company began coverage on Reddit in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price objective for the company. Finally, Citigroup increased their price objective on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average price target of $154.25.

Reddit Stock Up 4.9 %

RDDT stock traded up $8.66 during trading on Tuesday, hitting $183.99. 2,940,928 shares of the company traded hands, compared to its average volume of 4,610,275. Reddit has a 1 year low of $37.35 and a 1 year high of $187.69. The stock’s 50-day simple moving average is $158.98 and its 200 day simple moving average is $101.53.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million during 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%. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. As a group, sell-side analysts expect that Reddit will post -3.48 EPS for the current year.

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $113.13, for a total value of $1,583,820.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $73,735,305.75. This represents a 2.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $128.13, for a total value of $4,270,957.29. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $197,635,015.41. The trade was a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 226,023 shares of company stock worth $33,730,955.

Institutional Investors Weigh In On Reddit

Several institutional investors have recently bought and sold shares of the stock. Conway Capital Management Inc. purchased a new stake in Reddit during the 4th quarter valued at about $335,000. Janney Montgomery Scott LLC raised its position in Reddit by 31.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 8,786 shares of the company’s stock valued at $1,436,000 after purchasing an additional 2,096 shares during the last quarter. West Branch Capital LLC bought a new position in Reddit during the 4th quarter valued at approximately $245,000. Harbor Investment Advisory LLC bought a new position in Reddit during the 4th quarter valued at approximately $147,000. Finally, UMB Bank n.a. raised its position in Reddit by 10.8% during the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after purchasing an additional 150 shares during 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.