Needham & Company LLC Forecasts Strong Price Appreciation for Reddit (NYSE:RDDT) Stock

Reddit (NYSE:RDDT) had its price target upped by Needham & Company LLC from $120.00 to $190.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 21.97% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. The Goldman Sachs Group increased their price objective on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. JMP Securities upped their target price on Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a report on Monday, November 25th. Piper Sandler reiterated an “overweight” rating and set a $150.00 price target (up from $115.00) on shares of Reddit in a report on Tuesday, November 19th. Robert W. Baird boosted their price objective on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Citigroup raised their target price on Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $119.89.

Reddit Stock Performance

RDDT stock opened at $155.78 on Wednesday. The stock’s 50 day moving average is $112.11 and its 200-day moving average is $79.25. Reddit has a twelve month low of $37.35 and a twelve month high of $180.74.

Reddit (NYSE:RDDT) last posted its quarterly earnings data 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 the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Reddit’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, equities analysts predict that Reddit will post -3.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $59.18, for a total transaction of $1,972,646.94. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $91,282,605.26. The trade was a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $141.79, for a total transaction of $1,985,060.00. Following the completion of the transaction, the chief executive officer now directly owns 634,971 shares of the company’s stock, valued at approximately $90,032,538.09. This represents a 2.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 325,644 shares of company stock worth $31,195,790 in the last three months.

Institutional Trading of Reddit

Hedge funds have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB purchased a new position in shares of Reddit during the 3rd quarter valued at about $3,929,000. Sanctuary Advisors LLC bought a new position in Reddit during the third quarter valued at approximately $144,000. SOA Wealth Advisors LLC. raised its stake in shares of Reddit by 56.3% during 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 in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Reddit by 176.0% in the 3rd quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock worth $54,355,000 after acquiring an additional 525,619 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Reddit in the 3rd quarter worth approximately $495,000.

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.