B. Riley Securities Raises Reddit (NYSE:RDDT) Price Target to $250.00

Reddit (NYSE:RDDTGet Free Report) had its target price hoisted by equities researchers at B. Riley Securities from $245.00 to $250.00 in a research note issued on Friday, Marketbeat reports. The firm currently has a “buy” rating on the stock. B. Riley Securities’ price target indicates a potential upside of 79.51% from the stock’s current price.

A number of other research firms have also recently commented on RDDT. Jefferies Financial Group lifted their target price on shares of Reddit from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price target on shares of Reddit in a report on Friday. B. Riley Financial lifted their price objective on shares of Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $285.00 price objective on shares of Reddit in a report on Tuesday, January 20th. Finally, Citigroup upped their target price on Reddit from $250.00 to $265.00 and gave the company a “buy” rating in a research report on Monday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $241.31.

Read Our Latest Research Report on RDDT

Reddit Price Performance

Shares of RDDT stock opened at $139.27 on Friday. The stock’s fifty day moving average price is $221.22 and its 200 day moving average price is $215.15. Reddit has a 1-year low of $79.75 and a 1-year high of $282.95. The company has a market cap of $26.39 billion, a price-to-earnings ratio of 53.16, a price-to-earnings-growth ratio of 0.97 and a beta of 2.17.

Reddit (NYSE:RDDTGet Free Report) last released its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. The company had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. Reddit had a return on equity of 22.03% and a net margin of 24.05%.The firm’s revenue was up 69.7% compared to the same quarter last year. During the same period last year, the business posted $0.36 earnings per share. As a group, equities research analysts anticipate that Reddit will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Benjamin Seong Lee sold 3,320 shares of the business’s stock in a transaction dated Friday, January 9th. The stock was sold at an average price of $260.22, for a total value of $863,930.40. Following the completion of the transaction, the insider owned 62,608 shares of the company’s stock, valued at $16,291,853.76. The trade was a 5.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $183.18, for a total value of $3,297,240.00. Following the sale, the chief executive officer directly owned 448,576 shares in the company, valued at approximately $82,170,151.68. This trade represents a 3.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 523,511 shares of company stock valued at $114,237,285 in the last 90 days. 34.25% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Raiffeisen Bank International AG acquired a new stake in shares of Reddit during the 3rd quarter worth approximately $25,000. GW&K Investment Management LLC acquired a new position in shares of Reddit in the 3rd quarter valued at $30,000. Cornerstone Planning Group LLC boosted its holdings in Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after buying an additional 135 shares in the last quarter. LOM Asset Management Ltd acquired a new stake in Reddit during the fourth quarter valued at $33,000. Finally, Noble Wealth Management PBC purchased a new position in Reddit in the fourth quarter valued at $34,000.

Key Stories Impacting Reddit

Here are the key news stories impacting Reddit this week:

About Reddit

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Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.

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Analyst Recommendations for Reddit (NYSE:RDDT)

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