Reddit (NYSE:RDDT – Get Free Report) had its price objective boosted by analysts at Citigroup from $158.00 to $163.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 15.03% from the stock’s current price.
A number of other analysts have also weighed in on RDDT. Loop Capital reduced their price target on shares of Reddit from $210.00 to $200.00 and set a “buy” rating for the company in a research note on Thursday, June 12th. Morgan Stanley cut their target price on Reddit from $210.00 to $140.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Redburn Atlantic assumed coverage on Reddit in a research note on Monday, March 17th. They set a “sell” rating and a $75.00 price target for the company. Wells Fargo & Company set a $115.00 price target on Reddit and gave the company an “equal weight” rating in a research report on Monday, May 19th. Finally, Roth Mkm upped their price objective on Reddit from $120.00 to $130.00 and gave the company a “neutral” rating in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $139.57.
Check Out Our Latest Research Report on RDDT
Reddit Stock Performance
Reddit (NYSE:RDDT – Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The company’s quarterly revenue was up 61.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($8.19) earnings per share. On average, equities research analysts predict that Reddit will post 1.12 EPS for the current year.
Insider Activity at Reddit
In other Reddit news, CEO Steve Ladd Huffman sold 124,409 shares of Reddit stock in a transaction that occurred on 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 now directly owns 546,133 shares in the company, valued at approximately $67,966,251.85. The trade was a 18.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Christopher Brian Slowe sold 16,000 shares of the business’s stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $136.47, for a total transaction of $2,183,520.00. Following the sale, the chief technology officer now directly owns 246,373 shares in the company, valued at approximately $33,622,523.31. This trade represents a 6.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 613,785 shares of company stock worth $68,398,890 in the last quarter. 34.25% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the business. Plato Investment Management Ltd purchased a new stake in Reddit in the 4th quarter worth about $27,000. CWM LLC grew its stake in Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company’s stock valued at $27,000 after acquiring an additional 128 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit in the 4th quarter valued at about $28,000. Stone House Investment Management LLC acquired a new position in shares of Reddit in the 1st quarter valued at about $31,000. Finally, Allworth Financial LP lifted its position in shares of Reddit by 970.0% in the fourth quarter. Allworth Financial LP now owns 214 shares of the company’s stock worth $35,000 after purchasing an additional 194 shares in the last quarter.
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.
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