Citigroup Boosts Reddit (NYSE:RDDT) Price Target to $65.00

Reddit (NYSE:RDDT) had its price objective upped by analysts at Citigroup from $53.00 to $65.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock.

RDDT has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft started coverage on shares of Reddit in a research note on Tuesday, April 16th. They set a “buy” rating and a $50.00 price target on the stock. JMP Securities upped their target price on shares of Reddit from $53.00 to $63.00 and gave the stock a “market outperform” rating in a research note on Wednesday. Sanford C. Bernstein raised their price target on shares of Reddit from $40.00 to $45.00 and gave the company an “underperform” rating in a research report on Wednesday. Needham & Company LLC upped their price objective on Reddit from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Loop Capital initiated coverage on Reddit in a report on Monday, April 15th. They issued a “buy” rating and a $55.00 target price for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and an average price target of 54.87.

Reddit Stock Performance

Shares of RDDT opened at 50.11 on Wednesday. Reddit has a 12-month low of 37.35 and a 12-month high of 74.90.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 earnings per share for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The company had revenue of 243.00 million for the quarter, compared to analysts’ expectations of 213.99 million. The business’s revenue for the quarter was up 48.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.05) earnings per share. On average, equities analysts anticipate that Reddit will post -7.09 earnings per share for the current year.

Insider Transactions at Reddit

In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 97,965.90. Following the sale, the chief accounting officer now owns 96,413 shares of the company’s stock, valued at 3,114,139.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Steve Ladd Huffman sold 500,000 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 16,150,000.00. Following the completion of the sale, the chief executive officer now directly owns 710,306 shares in the company, valued at approximately 22,942,883.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Michelle Marie Reynolds sold 3,033 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 97,965.90. Following the sale, the chief accounting officer now owns 96,413 shares in the company, valued at 3,114,139.90. The disclosure for this sale can be found here. Insiders sold a total of 1,084,798 shares of company stock valued at $35,038,975 in the last ninety days.

Institutional Trading of Reddit

Several large investors have recently bought and sold shares of RDDT. BNP Paribas Financial Markets purchased a new position in shares of Reddit in the first quarter valued at $37,000. SG Americas Securities LLC acquired a new position in Reddit in the 1st quarter worth $265,000. ANTIPODES PARTNERS Ltd acquired a new position in Reddit in the 1st quarter worth $63,000. Commonwealth Equity Services LLC purchased a new position in Reddit in the 1st quarter valued at about $1,111,000. Finally, Congress Park Capital LLC acquired a new stake in shares of Reddit during the first quarter valued at about $279,000.

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.