Reddit (NYSE:RDDT) Price Target Raised to $210.00

Reddit (NYSE:RDDT) had its price objective lifted by Piper Sandler from $150.00 to $210.00 in a report issued on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

Other analysts have also issued reports about the stock. Wells Fargo & Company lifted their target price on shares of Reddit from $115.00 to $118.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 1st. JPMorgan Chase & Co. decreased their target price on shares of Reddit from $185.00 to $110.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Wall Street Zen raised shares of Reddit from a “hold” rating to a “buy” rating in a report on Saturday, June 14th. JMP Securities reissued a “market outperform” rating and set a $180.00 price target on shares of Reddit in a report on Friday, May 2nd. Finally, Roth Capital boosted their target price on shares of Reddit from $130.00 to $145.00 and gave the stock a “neutral” rating in a research note on Monday, July 21st. One research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $164.21.

Reddit Stock Up 17.4%

RDDT stock opened at $188.60 on Friday. Reddit has a 12-month low of $49.13 and a 12-month high of $230.41. The company has a market cap of $34.80 billion, a price-to-earnings ratio of 171.45, a PEG ratio of 4.76 and a beta of 2.30. The company has a 50 day moving average of $136.97 and a two-hundred day moving average of $138.20.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.25. Reddit had a net margin of 12.97% and a return on equity of 10.26%. The business had revenue of $499.63 million for the quarter, compared to the consensus estimate of $424.07 million. During the same quarter last year, the firm earned ($0.06) EPS. Reddit’s revenue for the quarter was up 77.9% on a year-over-year basis. On average, research analysts anticipate that Reddit will post 1.12 EPS for the current year.

Insider Activity

In other news, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $142.06, for a total value of $4,735,428.04. Following the sale, the chief operating officer directly owned 1,428,007 shares in the company, valued at approximately $202,862,674.42. This trade represents a 2.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Michelle Marie Reynolds sold 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $150.64, for a total transaction of $527,240.00. Following the completion of the sale, the chief accounting officer owned 37,868 shares in the company, valued at approximately $5,704,435.52. The trade was a 8.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 506,809 shares of company stock valued at $61,884,325. Company insiders own 34.25% of the company’s stock.

Institutional Investors Weigh In On Reddit

A number of hedge funds have recently made changes to their positions in the stock. CWM LLC boosted its position in Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company’s stock worth $27,000 after buying an additional 128 shares during the period. Stone House Investment Management LLC acquired a new stake in Reddit during the 1st quarter worth approximately $31,000. Financial Perspectives Inc acquired a new stake in Reddit during the 2nd quarter worth approximately $34,000. Geneos Wealth Management Inc. boosted its position in Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares during the period. Finally, Canton Hathaway LLC acquired a new stake in Reddit during the 1st quarter worth approximately $43,000.

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.