Reddit (NYSE:RDDT) Price Target Increased to $89.00 by Analysts at Roth Mkm

Reddit (NYSE:RDDT) had its price target boosted by analysts at Roth Mkm from $66.00 to $89.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Roth Mkm’s price target would indicate a potential upside of 13.00% from the stock’s current price.

RDDT has been the topic of several other reports. Loop Capital raised Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Thursday, August 1st. Cannonball Research assumed coverage on Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 target price for the company. B. Riley boosted their target price on Reddit from $75.00 to $87.00 and gave the company a “buy” rating in a research report on Monday. Piper Sandler boosted their price target on Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Finally, Jefferies Financial Group upped their target price on Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $72.78.

Reddit Stock Up 1.9 %

RDDT stock traded up $1.47 on Wednesday, reaching $78.76. 1,895,768 shares of the company traded hands, compared to its average volume of 4,392,197. Reddit has a one year low of $37.35 and a one year high of $81.36. The firm has a fifty day simple moving average of $64.13 and a 200-day simple moving average of $59.56.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. The business’s quarterly revenue was up 53.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.70) earnings per share. On average, research analysts forecast that Reddit will post -4.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, CAO Michelle Marie Reynolds sold 12,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total transaction of $648,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 71,162 shares of the company’s stock, valued at $3,842,748. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the transaction, the chief executive officer now directly owns 672,352 shares of the company’s stock, valued at $36,293,560.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Michelle Marie Reynolds sold 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total transaction of $648,000.00. Following the transaction, the chief accounting officer now directly owns 71,162 shares in the company, valued at $3,842,748. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 385,327 shares of company stock valued at $23,115,824 in the last ninety days.

Institutional Trading of Reddit

Several large investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets acquired a new stake in shares of Reddit in the first quarter worth $37,000. Whittier Trust Co. bought a new stake in shares of Reddit in the 3rd quarter worth about $42,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Reddit in the 1st quarter worth about $63,000. SOA Wealth Advisors LLC. bought a new stake in Reddit during the 2nd quarter worth about $78,000. Finally, Sandia Investment Management LP bought a new stake in Reddit during the 1st quarter worth about $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.