Reddit (NYSE:RDDT) Price Target Raised to $158.00

Reddit (NYSE:RDDT) had its price target hoisted by Citigroup from $150.00 to $158.00 in a research report released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms also recently commented on RDDT. Redburn Partners set a $75.00 target price on Reddit in a research report on Monday, March 17th. Loop Capital restated a “buy” rating and set a $210.00 target price on shares of Reddit in a research note on Tuesday, March 11th. Morgan Stanley decreased their target price on shares of Reddit from $210.00 to $140.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Finally, Sanford C. Bernstein raised Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 price target for the company in a research note on Friday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $142.30.

Reddit Stock Down 4.9 %

Reddit stock opened at $113.01 on Friday. Reddit has a 12-month low of $46.75 and a 12-month high of $230.41. The business’s 50-day simple moving average is $116.82 and its 200 day simple moving average is $144.15. The stock has a market cap of $20.44 billion, a price-to-earnings ratio of -14.62, a P/E/G ratio of 4.72 and a beta of 2.89.

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

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total value of $2,628,920.00. Following the transaction, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at approximately $115,370,905.32. This trade represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CTO Christopher Brian Slowe sold 5,068 shares of the company’s stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $111.28, for a total value of $563,967.04. Following the completion of the sale, the chief technology officer now owns 20,184 shares of the company’s stock, valued at approximately $2,246,075.52. The trade was a 20.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 711,270 shares of company stock worth $94,239,985 over the last three months.

Institutional Investors Weigh In On Reddit

Several large investors have recently added to or reduced their stakes in the business. Plato Investment Management Ltd purchased a new position in shares of Reddit in the 4th quarter valued at about $27,000. CWM LLC increased its stake 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 buying an additional 128 shares during the period. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit during the fourth quarter worth about $28,000. Ridgewood Investments LLC raised its position in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares in the last quarter. Finally, Farmers & Merchants Investments Inc. acquired a new stake in shares of Reddit during the 4th quarter valued at approximately $33,000.

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.