The Goldman Sachs Group Boosts Reddit (NYSE:RDDT) Price Target to $176.00

Reddit (NYSE:RDDT) had its price target hoisted by analysts at The Goldman Sachs Group from $105.00 to $176.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 3.25% from the company’s current price.

A number of other equities analysts also recently weighed in on the stock. Loop Capital upped 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. Citigroup raised their price target on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Sanford C. Bernstein boosted their price target on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Wells Fargo & Company began coverage on shares of Reddit in a research report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective on the stock. Finally, JMP Securities boosted their target price on shares of Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research report on Monday, November 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of $148.25.

Reddit Stock Performance

Shares of NYSE RDDT opened at $170.46 on Tuesday. Reddit has a one year low of $37.35 and a one year high of $187.69. The business has a 50-day moving average price of $155.39 and a two-hundred day moving average price of $98.65.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 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 net margin of 47.83% and a negative return on equity of 40.54%. Reddit’s quarterly revenue was up 67.9% on a year-over-year basis. As a group, analysts anticipate that Reddit will post -3.46 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total value of $2,314,620.00. Following the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at $101,577,760.02. This trade represents a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 11,000 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $169.85, for a total transaction of $1,868,350.00. Following the transaction, the chief technology officer now directly owns 324,837 shares of the company’s stock, valued at $55,173,564.45. This represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 217,023 shares of company stock valued at $31,699,295 in the last 90 days.

Institutional Trading of Reddit

Several institutional investors have recently modified their holdings of the company. Ridgewood Investments LLC lifted its position in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the period. Whittier Trust Co. acquired a new position in shares of Reddit in the 3rd quarter valued at $42,000. Daiwa Securities Group Inc. bought a new position in shares of Reddit during the 3rd quarter worth about $85,000. AdvisorNet Financial Inc boosted its position in shares of Reddit by 41.9% during the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after acquiring an additional 201 shares in the last quarter. Finally, SOA Wealth Advisors LLC. increased its stake in Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after acquiring an additional 691 shares during the period.

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.