Reddit (NYSE:RDDT) Given New $176.00 Price Target at The Goldman Sachs Group

Reddit (NYSE:RDDT - Get Free Report) had its price target upped by The Goldman Sachs Group from $105.00 to $176.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. The Goldman Sachs Group's price target points to a potential upside of 6.64% from the stock's previous close.

Other research analysts also recently issued reports about the company. Loop Capital lifted their target price on Reddit from $120.00 to $180.00 and gave the stock a "buy" rating in a report on Monday, December 2nd. Bank of America lifted their price objective on Reddit from $99.00 to $180.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 8th. Needham & Company LLC upped their target price on Reddit from $120.00 to $190.00 and gave the company a "buy" rating in a report on Wednesday, December 11th. Guggenheim assumed coverage on shares of Reddit in a report on Friday, December 20th. They set a "buy" rating and a $210.00 price target for the company. Finally, Raymond James upped their price objective on shares of Reddit from $70.00 to $80.00 and gave the company a "strong-buy" rating in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $148.25.

Reddit Stock Performance

Shares of Reddit stock traded up $0.39 on Tuesday, hitting $165.04. The stock had a trading volume of 4,911,328 shares, compared to its average volume of 5,037,986. The stock has a 50 day moving average of $155.39 and a 200 day moving average of $98.65. Reddit has a twelve month low of $37.35 and a twelve month high of $187.69.

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 the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to analysts' expectations of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm's revenue for the quarter was up 67.9% on a year-over-year basis. On average, equities research analysts predict that Reddit will post -3.46 earnings per share for the current year.

Insider Activity

In related news, CTO Christopher Brian Slowe sold 5,000 shares of Reddit stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the transaction, the chief technology officer now owns 30,068 shares of the company's stock, valued at $2,329,668.64. The trade was a 14.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $76.27, for a total value of $2,542,384.18. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares of the company's stock, valued at $117,643,195.39. The trade was a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 250,357 shares of company stock worth $34,241,680 over the last quarter.

Institutional Trading of Reddit

Several institutional investors and hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. bought a new stake in Reddit in the 2nd quarter worth about $3,209,000. WINTON GROUP Ltd bought a new position in shares of Reddit in the second quarter valued at approximately $467,000. Renaissance Technologies LLC purchased a new stake in shares of Reddit during the second quarter valued at approximately $13,411,000. Hsbc Holdings PLC bought a new stake in Reddit during the second quarter worth $203,000. Finally, Marshall Wace LLP boosted its position in Reddit by 117.2% in the second quarter. Marshall Wace LLP now owns 847,929 shares of the company's stock worth $54,174,000 after purchasing an additional 457,588 shares during the last quarter.

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.