The Goldman Sachs Group Forecasts Strong Price Appreciation for Reddit (NYSE:RDDT) Stock

Reddit (NYSE:RDDT) had its price target lifted by investment analysts at The Goldman Sachs Group from $124.00 to $140.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price points to a potential upside of 23.88% from the company’s previous close.

RDDT has been the subject of several other reports. Redburn Partners set a $75.00 price objective on shares of Reddit in a research note on Monday, March 17th. Sanford C. Bernstein upgraded Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 price target for the company in a report on Friday. Oppenheimer started coverage on Reddit in a research note on Wednesday, April 16th. They set an “outperform” rating and a $125.00 price objective on the stock. JMP Securities reiterated a “market outperform” rating and issued a $180.00 target price on shares of Reddit in a research note on Friday. Finally, Loop Capital reissued a “buy” rating and set a $210.00 price target on shares of Reddit in a research report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $142.30.

Reddit Stock Down 4.9 %

Shares of NYSE RDDT opened at $113.01 on Friday. The stock has a market capitalization of $20.44 billion, a PE ratio of -14.62, a P/E/G ratio of 4.72 and a beta of 2.89. The firm has a fifty day moving average of $116.82 and a 200-day moving average of $143.67. Reddit has a 52-week low of $46.75 and a 52-week high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. The firm had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The firm’s quarterly revenue was up 61.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($8.19) earnings per share. Equities research analysts expect that Reddit will post 1.12 EPS for the current fiscal year.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $115,370,905.32. The trade was a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Andrew Vollero sold 48,122 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the sale, the chief financial officer now owns 599,295 shares in the company, valued at approximately $97,565,226. This represents a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 711,270 shares of company stock valued at $94,239,985.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. FMR LLC boosted its position in shares of Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company’s stock valued at $2,136,288,000 after purchasing an additional 913,189 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after buying an additional 5,950,909 shares in the last quarter. Jennison Associates LLC acquired a new position in Reddit in the fourth quarter worth approximately $494,861,000. Alliancebernstein L.P. increased its holdings in shares of Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after buying an additional 2,537,768 shares in the last quarter. Finally, Lord Abbett & CO. LLC lifted its position in shares of Reddit by 12.8% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company’s stock valued at $304,325,000 after acquiring an additional 211,636 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.