Reddit (NYSE:RDDT) Price Target Raised to $68.00

Reddit (NYSE:RDDT) had its price objective lifted by The Goldman Sachs Group from $60.00 to $68.00 in a research note released on Monday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities research analysts also recently issued reports about the company. B. Riley began coverage on Reddit in a report on Friday, September 20th. They issued a “buy” rating and a $75.00 target price for the company. Piper Sandler boosted their price objective on Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Needham & Company LLC boosted their price objective on Reddit from $75.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Loop Capital upgraded Reddit from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a report on Thursday, August 1st. Finally, Cannonball Research assumed coverage on Reddit in a report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $70.28.

Reddit Trading Up 2.8 %

Shares of RDDT stock opened at $77.26 on Monday. The stock has a 50 day simple moving average of $62.17 and a two-hundred day simple moving average of $58.61. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $78.08.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The business had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. The company’s revenue for the quarter was up 53.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.70) earnings per share. On average, analysts forecast that Reddit will post -4.11 earnings per share for the current year.

Insiders Place Their Bets

In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value of $2,473,119.93. Following the transaction, the insider now owns 194,473 shares of the company’s stock, valued at approximately $10,499,597.27. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total transaction of $648,000.00. Following the transaction, the chief accounting officer now owns 71,162 shares of the company’s stock, valued at $3,842,748. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benjamin Seong Lee sold 45,807 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93. Following the transaction, the insider now directly owns 194,473 shares in the company, valued at $10,499,597.27. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 337,993 shares of company stock valued at $19,517,419.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RDDT. BNP Paribas Financial Markets bought a new stake in shares of Reddit during the 1st quarter valued at $37,000. SOA Wealth Advisors LLC. bought a new stake in shares of Reddit during the 2nd quarter valued at $78,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Reddit during the 1st quarter valued at $63,000. UMB Bank n.a. bought a new stake in shares of Reddit during the 2nd quarter valued at $88,000. Finally, Sandia Investment Management LP bought a new stake in shares of Reddit during the 1st quarter valued at $79,000.

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.