Reddit (NYSE:RDDT) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Reddit (NYSE:RDDT - Get Free Report) had its target price upped by equities researchers at Robert W. Baird from $100.00 to $160.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Robert W. Baird's price objective would suggest a potential downside of 3.56% from the company's previous close.

A number of other brokerages have also weighed in on RDDT. JPMorgan Chase & Co. boosted their target price on shares of Reddit from $59.00 to $77.00 and gave the company a "neutral" rating in a research note on Monday, October 7th. Sanford C. Bernstein increased their target price on Reddit from $65.00 to $85.00 and gave the company an "underperform" rating in a report on Wednesday, October 30th. Roth Mkm raised their target price on Reddit from $89.00 to $116.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Loop Capital upped their price target on shares of Reddit from $120.00 to $180.00 and gave the company a "buy" rating in a research report on Monday, December 2nd. Finally, The Goldman Sachs Group raised 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. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $124.42.

Reddit Trading Up 6.4 %

Shares of Reddit stock traded up $9.97 during trading on Wednesday, hitting $165.90. 5,973,105 shares of the company's stock traded hands, 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 business has a 50-day simple moving average of $112.11 and a 200-day simple moving average of $79.25.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The business's revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts predict that Reddit will post -3.54 EPS for the current year.

Insider Transactions at Reddit

In other news, COO Jennifer L. Wong sold 50,000 shares of the firm's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at $100,275,129.57. This trade represents a 3.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Benjamin Seong Lee sold 18,519 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value of $2,704,885.14. Following the transaction, the insider now owns 138,401 shares of the company's stock, valued at $20,214,850.06. This represents a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 325,644 shares of company stock valued at $31,195,790 over the last 90 days.

Institutional Investors Weigh In On Reddit

Hedge funds have recently bought and sold shares of the business. Whittier Trust Co. bought a new position in shares of Reddit during the 3rd quarter valued at approximately $42,000. SOA Wealth Advisors LLC. bought a new position in Reddit during the second quarter valued at $78,000. Daiwa Securities Group Inc. bought a new position in Reddit during the third quarter valued at $85,000. UMB Bank n.a. purchased a new stake in shares of Reddit in the second quarter valued at $88,000. Finally, Sanctuary Advisors LLC bought a new stake in shares of Reddit in the 3rd quarter worth about $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.