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

Reddit (NYSE:RDDT) had its target price hoisted by Needham & Company LLC from $165.00 to $215.00 in a report published on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms have also weighed in on RDDT. Roth Capital upped their price objective 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. Morgan Stanley upped their price objective on shares of Reddit from $170.00 to $230.00 and gave the stock an “overweight” rating in a research note on Friday. Wells Fargo & Company upped their price objective on shares of Reddit from $115.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 1st. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $212.00 price objective on shares of Reddit in a research note on Friday. Finally, Oppenheimer began coverage on shares of Reddit in a research note on Wednesday, April 16th. They issued an “outperform” rating and a $125.00 price objective for the company. One analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $164.21.

Reddit Trading Up 17.4%

NYSE RDDT opened at $188.60 on Friday. The company’s 50-day moving average price is $136.97 and its 200-day moving average price is $138.20. The stock has a market cap of $34.80 billion, a PE ratio of 171.45, a PEG ratio of 4.76 and a beta of 2.30. Reddit has a 12 month low of $49.13 and a 12 month high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.25. The firm 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 revenue for the quarter was up 77.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.06) earnings per share. As a group, sell-side analysts forecast that Reddit will post 1.12 earnings per share for the current year.

Insider Activity at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $142.06, for a total transaction of $4,735,428.04. Following the transaction, the chief operating officer owned 1,428,007 shares in the company, valued at $202,862,674.42. This represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 124,409 shares of the company’s stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $124.45, for a total transaction of $15,482,700.05. Following the transaction, the chief executive officer owned 546,133 shares in the company, valued at approximately $67,966,251.85. This trade represents a 18.55% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 506,809 shares of company stock worth $61,884,325. 34.25% of the stock is owned by insiders.

Hedge Funds Weigh In On Reddit

Several hedge funds have recently modified their holdings of RDDT. American Century Companies Inc. acquired a new position in Reddit in the 4th quarter worth approximately $1,395,000. LPL Financial LLC increased its holdings in Reddit by 229.9% in the 4th quarter. LPL Financial LLC now owns 65,784 shares of the company’s stock worth $10,752,000 after buying an additional 45,844 shares during the period. Prudential Financial Inc. acquired a new position in Reddit in the 4th quarter worth approximately $351,000. Pictet Asset Management Holding SA increased its holdings in Reddit by 123.9% in the 4th quarter. Pictet Asset Management Holding SA now owns 7,244 shares of the company’s stock worth $1,184,000 after buying an additional 4,009 shares during the period. Finally, Franklin Resources Inc. acquired a new position in Reddit in the 4th quarter worth approximately $396,000.

About Reddit

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.