Needham & Company LLC Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT - Get Free Report) had its price objective upped by stock analysts at Needham & Company LLC from $120.00 to $190.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's price target suggests a potential upside of 14.53% from the company's previous close.

Other research analysts also recently issued research reports about the stock. The Goldman Sachs Group boosted their price objective on shares of Reddit from $60.00 to $68.00 and gave the stock a "neutral" rating in a report on Monday, October 14th. Morgan Stanley upgraded shares of Reddit from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $70.00 to $200.00 in a research report on Monday. Citigroup raised their price target on shares of Reddit from $70.00 to $120.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Loop Capital upped their price objective on Reddit from $120.00 to $180.00 and gave the company a "buy" rating in a research note on Monday, December 2nd. Finally, Jefferies Financial Group upped their price target on Reddit from $120.00 to $175.00 and gave the company a "buy" rating in a research report on Monday, November 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Reddit has a consensus rating of "Moderate Buy" and an average target price of $124.42.

Reddit Stock Performance

RDDT traded up $9.97 during trading on Wednesday, reaching $165.90. The stock had a trading volume of 5,973,105 shares, compared to its average volume of 5,147,462. Reddit has a 1-year low of $37.35 and a 1-year high of $180.74. The stock has a 50 day moving average of $112.11 and a two-hundred day moving average of $79.25.

Reddit (NYSE:RDDT - Get Free Report) 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. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million during the quarter, compared to analysts' expectations of $313.61 million. Reddit's quarterly revenue was up 67.9% on a year-over-year basis. Research analysts predict that Reddit will post -3.54 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction on Friday, November 29th. The stock was sold at an average price of $141.79, for a total value of $1,985,060.00. Following the transaction, the chief executive officer now directly owns 634,971 shares of the company's stock, valued at $90,032,538.09. This represents a 2.16 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total value of $2,704,885.14. Following the sale, the insider now directly owns 138,401 shares of the company's stock, valued at $20,214,850.06. This represents a 11.80 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 325,644 shares of company stock worth $31,195,790.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Whittier Trust Co. acquired a new stake in Reddit during the third quarter worth approximately $42,000. SOA Wealth Advisors LLC. bought a new stake in Reddit during the 2nd quarter worth approximately $78,000. Daiwa Securities Group Inc. purchased a new stake in shares of Reddit in the third quarter worth approximately $85,000. UMB Bank n.a. bought a new position in shares of Reddit in the second quarter valued at approximately $88,000. Finally, Sanctuary Advisors LLC purchased a new position in shares of Reddit during the third quarter valued at approximately $144,000.

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.