Raymond James Raises Reddit (NYSE:RDDT) Price Target to $250.00

Reddit (NYSE:RDDT - Get Free Report) had its price objective boosted by equities research analysts at Raymond James from $200.00 to $250.00 in a report released on Monday,Benzinga reports. The firm presently has a "strong-buy" rating on the stock. Raymond James' target price suggests a potential upside of 21.46% from the stock's current price.

Other equities research analysts have also issued reports about the stock. Roth Capital lowered shares of Reddit from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, January 22nd. Sanford C. Bernstein upped their price target on shares of Reddit from $65.00 to $85.00 and gave the company an "underperform" rating in a report on Wednesday, October 30th. Citigroup raised their price objective on shares of Reddit from $120.00 to $200.00 and gave the stock a "buy" rating in a research note on Friday, December 20th. Robert W. Baird upped their target price on Reddit from $100.00 to $160.00 and gave the company a "neutral" rating in a research note on Wednesday, December 11th. Finally, Seaport Res Ptn upgraded Reddit to a "hold" rating in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $173.95.

Reddit Stock Down 4.9 %

Shares of NYSE RDDT traded down $10.64 during midday trading on Monday, hitting $205.83. The company had a trading volume of 19,241,989 shares, compared to its average volume of 5,531,280. The business has a 50-day simple moving average of $180.60 and a two-hundred day simple moving average of $117.29. Reddit has a twelve month low of $37.35 and a twelve month high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Equities research analysts anticipate that Reddit will post -3.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at $124,083,012.24. This represents a 2.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction dated 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 in the company, valued at approximately $20,214,850.06. The trade was a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 259,357 shares of company stock worth $41,121,108 in the last 90 days.

Hedge Funds Weigh In On Reddit

Institutional investors have recently made changes to their positions in the business. Rockefeller Capital Management L.P. purchased a new position in shares of Reddit during the 4th quarter valued at approximately $1,672,000. Neuberger Berman Group LLC acquired a new stake in Reddit in the fourth quarter valued at $47,557,000. Scotia Capital Inc. boosted its stake in Reddit by 5.5% during the 4th quarter. Scotia Capital Inc. now owns 3,500 shares of the company's stock valued at $572,000 after acquiring an additional 182 shares during the last quarter. F M Investments LLC acquired a new position in Reddit during the 4th quarter worth $2,379,000. Finally, Advisory Services Network LLC grew its holdings in Reddit by 14.6% during the 4th quarter. Advisory Services Network LLC now owns 5,843 shares of the company's stock worth $955,000 after acquiring an additional 744 shares in 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.