Reddit (NYSE:RDDT) Price Target Raised to $215.00

Reddit (NYSE:RDDT) had its target price hoisted by Guggenheim from $165.00 to $215.00 in a research report report published on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also recently issued reports about the stock. Piper Sandler lifted their price target on shares of Reddit from $150.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday. Morgan Stanley lifted their price target on shares of Reddit from $170.00 to $230.00 and gave the stock an “overweight” rating in a research report on Friday. Wall Street Zen raised shares of Reddit from a “hold” rating to a “buy” rating in a research report on Saturday, June 14th. Roth Capital boosted their price objective on shares of Reddit from $130.00 to $145.00 and gave the company a “neutral” rating in a research report on Monday, July 21st. Finally, Royal Bank Of Canada set a $125.00 target price on shares of Reddit and gave the stock a “sector perform” rating in a research note on Wednesday, June 25th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $164.21.

Reddit Stock Up 17.4%

Shares of NYSE RDDT opened at $188.60 on Friday. The company’s fifty day moving average is $136.97 and its 200-day moving average is $138.20. The stock has a market cap of $34.80 billion, a price-to-earnings ratio of 171.45, a P/E/G ratio of 4.76 and a beta of 2.30. Reddit has a twelve month low of $49.13 and a twelve month high of $230.41.

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

Insider Buying and Selling at Reddit

In other news, CFO Andrew Vollero sold 30,000 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $117.64, for a total transaction of $3,529,200.00. Following the completion of the transaction, the chief financial officer directly owned 333,806 shares in the company, valued at $39,268,937.84. This represents a 8.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 26,000 shares of the company’s stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $98.43, for a total transaction of $2,559,180.00. Following the completion of the sale, the chief technology officer directly owned 251,373 shares in the company, valued at approximately $24,742,644.39. The trade was a 9.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 506,809 shares of company stock valued at $61,884,325. Corporate insiders own 34.25% of the company’s stock.

Institutional Investors Weigh In On Reddit

Institutional investors and hedge funds have recently modified their holdings of the company. Financial Perspectives Inc bought a new stake in shares of Reddit in the 2nd quarter valued at about $34,000. CWM LLC raised its holdings in Reddit by 100.0% in 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. Fourth Dimension Wealth LLC bought a new position in Reddit in the 4th quarter valued at about $49,000. Chelsea Counsel Co. bought a new position in Reddit in the 4th quarter valued at about $49,000. Finally, Stone House Investment Management LLC bought a new position in Reddit in the 1st quarter valued at about $31,000.

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.