Reddit (NYSE:RDDT) PT Raised to $65.00 at Citigroup

Reddit (NYSE:RDDT) had its target price increased by Citigroup from $53.00 to $65.00 in a research report report published on Wednesday, Benzinga reports. The firm currently has a buy rating on the stock.

RDDT has been the topic of a number of other reports. Roth Capital reiterated a buy rating on shares of Reddit in a research report on Monday, April 15th. Deutsche Bank Aktiengesellschaft assumed coverage on Reddit in a research note on Tuesday, April 16th. They issued a buy rating and a $50.00 price target on the stock. Piper Sandler lifted their price objective on Reddit from $50.00 to $65.00 and gave the stock an overweight rating in a research note on Wednesday. Needham & Company LLC increased their target price on Reddit from $55.00 to $63.00 and gave the company a buy rating in a research note on Wednesday. Finally, New Street Research assumed coverage on Reddit in a report on Tuesday, March 26th. They set a neutral rating and a $54.00 target price on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of 54.87.

Reddit Trading Down 2.5 %

Shares of RDDT stock traded down 1.29 during trading hours on Wednesday, reaching 50.11. 3,900,500 shares of the company’s stock were exchanged, compared to its average volume of 6,297,074. Reddit has a fifty-two week low of 37.35 and a fifty-two week high of 74.90.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 earnings per share for the quarter, missing the consensus estimate of -2.34 by -5.85. The firm had revenue of 243.00 million during the quarter, compared to the consensus estimate of 213.99 million. The company’s quarterly revenue was up 48.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.05) earnings per share. As a group, sell-side analysts expect that Reddit will post -7.09 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of Reddit stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 5,975,500.00. Following the sale, the chief technology officer now owns 413,684 shares of the company’s stock, valued at approximately 13,361,993.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Reddit news, Director David C. Habiger bought 3,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was acquired at an average price of 34.00 per share, with a total value of 102,000.00. Following the completion of the transaction, the director now owns 24,906 shares in the company, valued at 846,804. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 185,000 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the sale, the chief technology officer now directly owns 413,684 shares in the company, valued at 13,361,993.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Trading of Reddit

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Global Retirement Partners LLC acquired a new stake in shares of Reddit in the 1st quarter valued at approximately $27,000. BNP Paribas Financial Markets bought a new stake in Reddit during the first quarter worth $37,000. ANTIPODES PARTNERS Ltd acquired a new stake in Reddit in the first quarter valued at $63,000. SG Americas Securities LLC bought a new position in shares of Reddit in the 1st quarter valued at about $265,000. Finally, Congress Park Capital LLC bought a new position in Reddit during the first quarter worth about $279,000.

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.