Reddit (NYSE:RDDT) Given New $187.00 Price Target at B. Riley

Reddit (NYSE:RDDT - Free Report) had its price objective boosted by B. Riley from $112.00 to $187.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts also recently commented on RDDT. The Goldman Sachs Group raised their price objective on shares of Reddit from $105.00 to $176.00 and gave the stock a "neutral" rating in a research report on Tuesday. Loop Capital raised their price target on shares of Reddit from $120.00 to $180.00 and gave the stock a "buy" rating in a report on Monday, December 2nd. Morgan Stanley upgraded shares of Reddit from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $70.00 to $200.00 in a report on Monday, December 9th. Piper Sandler raised their target price on Reddit from $150.00 to $197.00 and gave the company an "overweight" rating in a research note on Tuesday. Finally, Wells Fargo & Company began coverage on Reddit in a research note on Wednesday, December 11th. They set an "overweight" rating and a $206.00 price target on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $148.25.

Reddit Trading Up 0.2 %

Shares of NYSE:RDDT traded up $0.39 during trading on Tuesday, reaching $165.04. The stock had a trading volume of 4,911,328 shares, compared to its average volume of 5,037,986. Reddit has a 52 week low of $37.35 and a 52 week high of $187.69. The firm's fifty day moving average is $155.39 and its 200 day moving average is $98.65.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm's revenue was up 67.9% on a year-over-year basis. Equities analysts expect that Reddit will post -3.46 earnings per share for the current year.

Insider Transactions 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 stock was sold at an average price of $165.33, for a total value of $2,314,620.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at $101,577,760.02. This trade represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CTO Christopher Brian Slowe sold 11,000 shares of the company's stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $169.85, for a total value of $1,868,350.00. Following the transaction, the chief technology officer now directly owns 324,837 shares in the company, 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 250,357 shares of company stock worth $34,241,680 in the last ninety days.

Institutional Trading of Reddit

A number of institutional investors have recently modified their holdings of RDDT. FMR LLC raised its position in shares of Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company's stock worth $801,428,000 after buying an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. purchased a new stake in shares of Reddit in the 3rd quarter valued at about $474,403,000. Point72 Asset Management L.P. boosted its position in shares of Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company's stock valued at $151,357,000 after acquiring an additional 2,225,895 shares during the last quarter. Holocene Advisors LP grew its holdings in shares of Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock worth $198,154,000 after purchasing an additional 1,923,109 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its position in shares of Reddit by 1,519.4% in the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company's stock worth $108,792,000 after purchasing an additional 1,548,450 shares during the last quarter.

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.