Raymond James Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price objective raised by Raymond James from $150.00 to $200.00 in a report published on Tuesday morning,Benzinga reports. Raymond James currently has a strong-buy rating on the stock.

Other analysts have also recently issued research reports about the company. Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $70.00 to $200.00 in a research report on Monday, December 9th. The Goldman Sachs Group upped their target price on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Wells Fargo & Company assumed coverage on shares of Reddit in a report on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price target on the stock. Roth Mkm lifted their price objective on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Sanford C. Bernstein increased their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $158.20.

Reddit Stock Down 1.2 %

Shares of Reddit stock opened at $181.55 on Tuesday. The company has a 50 day moving average price of $161.24 and a 200 day moving average price of $102.91. Reddit has a 52 week low of $37.35 and a 52 week high of $191.00.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The company’s revenue was up 67.9% compared to the same quarter last year. On average, equities analysts predict that Reddit will post -3.48 EPS for the current year.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total value of $2,419,060.00. Following the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $106,161,139.26. The trade was a 2.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total value of $5,797,782.62. Following the transaction, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at $261,642,377.21. The trade was a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 259,357 shares of company stock worth $39,528,738 over the last three months.

Institutional Trading of Reddit

Institutional investors have recently made changes to their positions in the company. Ridgewood Investments LLC raised its stake in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. Whittier Trust Co. acquired a new stake in shares of Reddit in the third quarter valued at about $42,000. Blue Trust Inc. purchased a new position in shares of Reddit in the fourth quarter worth about $59,000. New Wave Wealth Advisors LLC purchased a new position in shares of Reddit in the fourth quarter worth about $69,000. Finally, Daiwa Securities Group Inc. acquired a new position in Reddit during the third quarter worth about $85,000.

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.