Reddit (NYSE:RDDT) Given a $125.00 Price Target at Royal Bank Of Canada

Reddit (NYSE:RDDT) received a $125.00 price target from equities research analysts at Royal Bank Of Canada in a research note issued on Wednesday, MarketBeat Ratings reports. The firm presently has a “sector perform” rating on the stock. Royal Bank Of Canada’s price target points to a potential downside of 11.79% from the company’s current price.

A number of other equities research analysts have also weighed in on the stock. Redburn Partners set a $75.00 price objective on shares of Reddit in a report on Monday, March 17th. B. Riley reiterated a “buy” rating and issued a $220.00 target price (down previously from $222.00) on shares of Reddit in a research report on Friday, May 2nd. Robert W. Baird lowered their price target on shares of Reddit from $140.00 to $120.00 and set a “neutral” rating for the company in a research note on Wednesday, May 21st. Truist Financial initiated coverage on shares of Reddit in a research report on Monday, April 7th. They set a “buy” rating and a $150.00 price target for the company. Finally, Wall Street Zen raised Reddit from a “hold” rating to a “buy” rating in a research note on Saturday, June 14th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $139.57.

Reddit Stock Up 0.6%

Shares of RDDT stock opened at $141.70 on Wednesday. The business has a 50-day moving average price of $114.79 and a two-hundred day moving average price of $142.20. Reddit has a 12-month low of $49.13 and a 12-month high of $230.41. The firm has a market cap of $26.15 billion, a P/E ratio of 240.17, a price-to-earnings-growth ratio of 3.61 and a beta of 1.99.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. The company had revenue of $392.36 million for the quarter, compared to analysts’ expectations of $370.55 million. Reddit had a return on equity of 5.69% and a net margin of 8.07%. Reddit’s revenue for the quarter was up 61.5% compared to the same quarter last year. During the same period last year, the firm posted ($8.19) EPS. As a group, research analysts expect that Reddit will post 1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the transaction, the chief operating officer now owns 1,466,119 shares in the company, valued at approximately $137,800,524.81. This represents a 2.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michelle Marie Reynolds sold 2,729 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $98.85, for a total value of $269,761.65. Following the completion of the transaction, the chief accounting officer now directly owns 42,277 shares of the company’s stock, valued at $4,179,081.45. This represents a 6.06% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 613,785 shares of company stock worth $68,398,890. 34.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC boosted its holdings in shares of Reddit by 3.5% during the 1st quarter. Signaturefd LLC now owns 2,859 shares of the company’s stock valued at $300,000 after buying an additional 97 shares in the last quarter. Proficio Capital Partners LLC lifted its position in Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock valued at $966,000 after acquiring an additional 120 shares during the period. CWM LLC lifted its position in Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company’s stock valued at $27,000 after acquiring an additional 128 shares during the period. Farther Finance Advisors LLC boosted its stake in Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock worth $40,000 after acquiring an additional 147 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Reddit by 12.5% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,323 shares of the company’s stock worth $139,000 after purchasing an additional 147 shares during the period.

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.