Sanford C. Bernstein Raises Reddit (NYSE:RDDT) Price Target to $50.00

Reddit (NYSE:RDDT) had its price objective upped by Sanford C. Bernstein from $45.00 to $50.00 in a research note released on Monday, Benzinga reports. The brokerage currently has an underperform rating on the stock.

Several other equities research analysts have also recently commented on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Reddit from $62.00 to $65.00 and gave the stock a buy rating in a research report on Friday, May 17th. Raymond James started coverage on Reddit in a research note on Monday, April 15th. They issued a strong-buy rating and a $50.00 price target on the stock. New Street Research began coverage on Reddit in a research note on Tuesday, March 26th. They set a neutral rating and a $54.00 price objective for the company. JPMorgan Chase & Co. increased their target price on Reddit from $57.00 to $67.00 and gave the company a neutral rating in a research note on Tuesday, July 16th. Finally, Piper Sandler raised their target price on Reddit from $50.00 to $65.00 and gave the stock an overweight rating in a report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit currently has a consensus rating of Moderate Buy and a consensus target price of 63.07.

Reddit Price Performance

RDDT stock opened at 62.95 on Monday. The stock has a 50 day moving average of 63.03. Reddit has a fifty-two week low of 37.35 and a fifty-two week high of 78.08.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm’s revenue was up 48.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.05) EPS. As a group, sell-side analysts forecast that Reddit will post -4.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Andrew Vollero sold 50,580 shares of Reddit stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 2,981,185.20. Following the completion of the sale, the chief financial officer now directly owns 631,080 shares in the company, valued at 37,195,855.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Steve Ladd Huffman sold 42,299 shares of Reddit stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 2,493,103.06. Following the transaction, the chief executive officer now directly owns 689,157 shares of the company’s stock, valued at 40,618,913.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 50,580 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,981,185.20. Following the sale, the chief financial officer now owns 631,080 shares of the company’s stock, valued at 37,195,855.20. The disclosure for this sale can be found here. Insiders have sold a total of 192,689 shares of company stock worth $11,357,090 in the last quarter.

Hedge Funds Weigh In On Reddit

Institutional investors have recently modified their holdings of the business. Inclusive Capital Partners L.P. acquired a new stake in Reddit in the first quarter valued at about $103,051,000. Vanguard Group Inc. acquired a new stake in shares of Reddit in the 1st quarter valued at approximately $82,167,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Reddit during the 1st quarter valued at approximately $37,015,000. Blackstone Inc. acquired a new position in Reddit during the 1st quarter worth approximately $36,990,000. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Reddit during the 2nd quarter worth approximately $19,876,000.

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.