Reddit (NYSE:RDDT) Given New $197.00 Price Target at Piper Sandler

Reddit (NYSE:RDDT - Free Report) had its price objective boosted by Piper Sandler from $150.00 to $197.00 in a research report released on Tuesday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

RDDT has been the subject of several other reports. Bank of America upped their price objective on Reddit from $99.00 to $180.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 8th. Citigroup raised their target price on shares of Reddit from $120.00 to $200.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. Sanford C. Bernstein raised their price objective on Reddit from $65.00 to $85.00 and gave the stock an "underperform" rating in a report on Wednesday, October 30th. The Goldman Sachs Group upped their price target on Reddit from $105.00 to $176.00 and gave the stock a "neutral" rating in a report on Tuesday. Finally, Needham & Company LLC lifted their price objective on Reddit from $120.00 to $190.00 and gave the stock a "buy" rating in a report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Reddit presently has an average rating of "Moderate Buy" and an average price target of $148.25.

Reddit Stock Up 0.2 %

Shares of RDDT traded up $0.39 during trading hours on Tuesday, reaching $165.04. 4,911,328 shares of the company traded hands, compared to its average volume of 5,037,986. Reddit has a 12-month low of $37.35 and a 12-month high of $187.69. The stock's fifty day moving average price is $154.55 and its 200 day moving average price is $97.94.

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

Insiders Place Their Bets

In related news, 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 transaction of $1,868,350.00. Following the completion of the sale, the chief technology officer now directly owns 324,837 shares of the company's stock, valued at approximately $55,173,564.45. This represents a 3.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $113.13, for a total transaction of $1,583,820.00. Following the transaction, the chief executive officer now owns 651,775 shares in the company, valued at approximately $73,735,305.75. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 250,357 shares of company stock worth $34,241,680.

Institutional Trading of Reddit

Several large investors have recently made changes to their positions in the business. Ridgewood Investments LLC lifted its stake in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after acquiring an additional 100 shares in the last quarter. Whittier Trust Co. acquired a new stake in Reddit during the 3rd quarter worth approximately $42,000. Daiwa Securities Group Inc. bought a new stake in Reddit in the 3rd quarter valued at about $85,000. AdvisorNet Financial Inc raised its holdings in Reddit by 41.9% in 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 holdings in Reddit by 56.3% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company's stock valued at $126,000 after buying 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.