Reddit (NYSE:RDDT) Given New $140.00 Price Target at The Goldman Sachs Group

Reddit (NYSE:RDDT) had its target price upped by investment analysts at The Goldman Sachs Group from $124.00 to $140.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential upside of 23.88% from the company’s current price.

Several other equities analysts have also recently weighed in on RDDT. B. Riley reaffirmed a “buy” rating and set a $220.00 target price (down previously from $222.00) on shares of Reddit in a research note on Friday. Piper Sandler restated an “overweight” rating and set a $150.00 price target (up previously from $140.00) on shares of Reddit in a research note on Friday. Robert W. Baird raised their price objective on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Seaport Res Ptn raised shares of Reddit to a “hold” rating in a research report on Thursday, February 6th. Finally, Needham & Company LLC increased their price objective on Reddit from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and a consensus target price of $142.30.

Reddit Price Performance

RDDT stock opened at $113.01 on Friday. The firm has a market capitalization of $20.44 billion, a P/E ratio of -14.62, a P/E/G ratio of 4.72 and a beta of 2.89. Reddit has a 52-week low of $46.75 and a 52-week high of $230.41. The company’s 50 day simple moving average is $116.82 and its 200-day simple moving average is $143.67.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. The company had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company’s revenue for the quarter was up 61.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($8.19) earnings per share. Sell-side analysts predict that Reddit will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total value of $14,523,247.65. Following the transaction, the insider now directly owns 115,001 shares in the company, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $187.78, for a total value of $2,628,920.00. Following the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $115,370,905.32. The trade was a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 711,270 shares of company stock valued at $94,239,985 in the last three months.

Hedge Funds Weigh In On Reddit

Large investors have recently bought and sold shares of the business. Plato Investment Management Ltd bought a new position in shares of Reddit during the fourth quarter worth $27,000. CWM LLC grew its stake in shares of Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company’s stock worth $27,000 after acquiring an additional 128 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $28,000. Ridgewood Investments LLC lifted its position in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Finally, Farmers & Merchants Investments Inc. bought a new stake in shares of Reddit in the fourth quarter worth $33,000.

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.