Reddit (NYSE:RDDT) Stock Price Expected to Rise, Bank of America Analyst Says

Reddit (NYSE:RDDT) had its target price raised by analysts at Bank of America from $99.00 to $180.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s price target indicates a potential upside of 6.89% from the stock’s previous close.

A number of other brokerages also recently issued reports on RDDT. Wells Fargo & Company began coverage on shares of Reddit in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price target for the company. The Goldman Sachs Group raised their price target on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. B. Riley reaffirmed a “buy” rating and set a $112.00 price target (up from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Sanford C. Bernstein raised their target price on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. Finally, Raymond James increased their price objective on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $136.75.

Reddit Trading Down 2.3 %

Shares of NYSE RDDT traded down $3.92 during midday trading on Wednesday, hitting $168.40. The company’s stock had a trading volume of 2,054,271 shares, compared to its average volume of 5,012,963. Reddit has a 1 year low of $37.35 and a 1 year high of $187.69. The business’s fifty day simple moving average is $150.17 and its two-hundred day simple moving average is $94.90.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. The business 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% on a year-over-year basis. Equities research analysts anticipate that Reddit will post -3.46 EPS for the current fiscal year.

Insider Activity at Reddit

In other news, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the transaction, the insider now directly owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. This trade represents a 11.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 264,357 shares of company stock worth $35,297,700 in the last 90 days.

Hedge Funds Weigh In On Reddit

Hedge funds have recently modified their holdings of the company. Everence Capital Management Inc. bought a new stake in Reddit during the fourth quarter worth approximately $531,000. Somnio Financial Group LLC acquired a new stake in shares of Reddit during the fourth quarter worth $640,000. Lord Abbett & CO. LLC lifted its holdings in shares of Reddit by 1,519.4% during the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after purchasing an additional 1,548,450 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Reddit during the third quarter valued at $3,929,000. Finally, Sanctuary Advisors LLC purchased a new position in Reddit in the 3rd quarter worth about $144,000.

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.