Sanford C. Bernstein Increases Reddit (NYSE:RDDT) Price Target to $45.00

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

A number of other analysts have also recently commented on the company. The Goldman Sachs Group began coverage on Reddit in a research report on Monday, April 15th. They issued a “neutral” rating and a $40.00 price target on the stock. Robert W. Baird raised their price target on Reddit from $50.00 to $59.00 and gave the company a “neutral” rating in a report on Wednesday. JPMorgan Chase & Co. began coverage on Reddit in a research report on Monday, April 15th. They issued a “neutral” rating and a $47.00 price target for the company. Raymond James began coverage on shares of Reddit in a research note on Monday, April 15th. They set a “strong-buy” rating and a $50.00 price objective for the company. Finally, Citigroup initiated coverage on shares of Reddit in a research note on Monday, April 15th. They issued a “buy” rating and a $53.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average price target of 54.87.

Reddit Price Performance

Shares of RDDT opened at 50.11 on Wednesday. Reddit has a 1-year low of 37.35 and a 1-year high of 74.90.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The firm had revenue of 243.00 million for the quarter, compared to analysts’ expectations of 213.99 million. During the same quarter in the previous year, the company earned ($1.05) earnings per share. Reddit’s revenue for the quarter was up 48.4% on a year-over-year basis. As a group, equities research analysts forecast that Reddit will post -7.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director David C. Habiger purchased 3,000 shares of the stock in a transaction on Monday, March 25th. The shares were acquired at an average price of 34.00 per share, with a total value of 102,000.00. Following the completion of the acquisition, the director now directly owns 24,906 shares of the company’s stock, valued at 846,804. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Reddit news, Director David C. Habiger bought 3,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was purchased at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the completion of the transaction, the director now owns 24,906 shares of the company’s stock, valued at approximately 846,804. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 500,000 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at 22,942,883.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Trading of Reddit

Institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC bought a new stake in shares of Reddit in the 1st quarter worth about $27,000. BNP Paribas Financial Markets purchased a new stake in Reddit in the 1st quarter worth about $37,000. ANTIPODES PARTNERS Ltd bought a new stake in Reddit in the first quarter worth about $63,000. SG Americas Securities LLC bought a new position in shares of Reddit during the first quarter valued at approximately $265,000. Finally, Congress Park Capital LLC bought a new stake in shares of Reddit during the 1st quarter worth approximately $279,000.

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.