Reddit (NYSE:RDDT) Price Target Raised to $230.00

Reddit (NYSE:RDDT) had its price target lifted by Morgan Stanley from $170.00 to $230.00 in a report published on Friday,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other equities research analysts have also recently weighed in on the stock. Truist Financial started coverage on shares of Reddit in a research report on Monday, April 7th. They issued a “buy” rating and a $150.00 price target for the company. Raymond James Financial reissued a “strong-buy” rating and issued a $225.00 price target (up from $175.00) on shares of Reddit in a research report on Friday. Bank of America boosted their price target on shares of Reddit from $130.00 to $150.00 and gave the company a “neutral” rating in a research report on Wednesday, July 30th. Seaport Res Ptn raised shares of Reddit from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 5th. Finally, Needham & Company LLC boosted their price target on shares of Reddit from $145.00 to $165.00 and gave the company a “buy” rating in a research report on Wednesday, July 23rd. One investment 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 stock. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average price target of $164.21.

Reddit Stock Up 17.4%

Shares of RDDT stock opened at $188.60 on Friday. Reddit has a 52 week low of $49.13 and a 52 week high of $230.41. The stock has a market capitalization of $34.80 billion, a PE ratio of 171.45, a P/E/G ratio of 4.76 and a beta of 2.30. The firm has a 50 day moving average of $136.97 and a two-hundred day moving average of $138.20.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.20 by $0.25. The company had revenue of $499.63 million during 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 firm’s revenue was up 77.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.06) EPS. Analysts expect that Reddit will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $202,862,674.42. This trade represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 30,000 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $117.64, for a total transaction of $3,529,200.00. Following the transaction, the chief financial officer directly owned 333,806 shares in the company, valued at approximately $39,268,937.84. This represents a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 506,809 shares of company stock worth $61,884,325 over the last ninety days. Insiders own 34.25% of the company’s stock.

Hedge Funds Weigh In On Reddit

A number of hedge funds have recently made changes to their positions in the business. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in shares of Reddit by 5.6% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 20,600 shares of the company’s stock valued at $3,102,000 after acquiring an additional 1,100 shares during the period. AustralianSuper Pty Ltd purchased a new position in shares of Reddit in the 2nd quarter valued at $1,219,000. Teacher Retirement System of Texas raised its stake in shares of Reddit by 880.5% in the 2nd quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock valued at $14,255,000 after acquiring an additional 85,020 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of Reddit by 44.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 13,782 shares of the company’s stock valued at $2,075,000 after acquiring an additional 4,245 shares during the period. Finally, Wealthfront Advisers LLC acquired a new stake in Reddit during the 2nd quarter valued at $308,000.

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.