Reddit (NYSE:RDDT) Given New $180.00 Price Target at Bank of America

Reddit (NYSE:RDDT - Get Free Report) had its price target raised by stock analysts at Bank of America from $99.00 to $180.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Bank of America's price objective points to a potential upside of 4.60% from the company's previous close.

A number of other research analysts also recently commented on RDDT. Robert W. Baird increased their price target on shares of Reddit from $100.00 to $160.00 and gave the company a "neutral" rating in a report on Wednesday, December 11th. JMP Securities lifted their price target on shares of Reddit from $118.00 to $160.00 and gave the stock a "market outperform" rating in a research note on Monday, November 25th. Raymond James increased their price objective on shares of Reddit from $70.00 to $80.00 and gave the stock a "strong-buy" rating in a research report on Thursday, October 10th. Sanford C. Bernstein increased their target price on Reddit from $65.00 to $85.00 and gave the stock an "underperform" rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group boosted their target price on shares of Reddit from $60.00 to $68.00 and gave the company a "neutral" rating in a research note on Monday, October 14th. One equities research 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 company presently has an average rating of "Moderate Buy" and an average price target of $136.75.

Reddit Stock Down 0.1 %

RDDT stock traded down $0.24 during mid-day trading on Wednesday, hitting $172.08. The company had a trading volume of 4,198,298 shares, compared to its average volume of 5,465,542. The company has a 50-day moving average price of $151.29 and a 200 day moving average price of $95.44. Reddit has a 12-month low of $37.35 and a 12-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 EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Reddit's revenue was up 67.9% on a year-over-year basis. Analysts predict that Reddit will post -3.46 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Benjamin Seong Lee sold 18,519 shares of the company's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the transaction, the insider now owns 138,401 shares in the company, valued at $20,214,850.06. This represents a 11.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $75.43, for a total transaction of $1,056,020.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares of the company's stock, valued at $49,163,388.25. This trade represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 264,357 shares of company stock worth $35,297,700 in the last 90 days.

Hedge Funds Weigh In On Reddit

Several hedge funds have recently made changes to their positions in the company. FMR LLC grew its stake in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company's stock valued at $801,428,000 after purchasing an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. acquired a new stake in shares of Reddit during the third quarter worth about $474,403,000. Holocene Advisors LP boosted its holdings in shares of Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock valued at $198,154,000 after acquiring an additional 1,923,109 shares during the last quarter. Point72 Asset Management L.P. increased its stake in shares of Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company's stock worth $151,357,000 after acquiring an additional 2,225,895 shares during the period. Finally, Lord Abbett & CO. LLC raised its holdings in shares of Reddit by 1,519.4% during 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.