Raymond James Boosts Reddit (NYSE:RDDT) Price Target to $70.00

Reddit (NYSE:RDDT) had its target price upped by Raymond James from $65.00 to $70.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “strong-buy” rating on the stock.

Several other equities research analysts have also recently issued reports on RDDT. Morgan Stanley raised their price objective on shares of Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Piper Sandler raised their price objective on shares of Reddit from $50.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Sanford C. Bernstein raised their price objective on shares of Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, July 22nd. Roth Capital restated a “buy” rating on shares of Reddit in a research report on Monday, April 15th. Finally, Bank of America started coverage on shares of Reddit in a research report on Tuesday, April 16th. They set a “neutral” rating and a $46.00 price objective for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of 64.80.

Reddit Price Performance

Shares of RDDT stock traded up 1.13 during trading hours on Wednesday, hitting 59.57. The company’s stock had a trading volume of 837,606 shares, compared to its average volume of 4,430,941. The stock has a 50 day simple moving average of 63.11. Reddit has a 12-month low of 37.35 and a 12-month high of 78.08.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing the consensus estimate of -2.34 by -5.85. The business had revenue of 243.00 million for the quarter, compared to analyst estimates of 213.99 million. The firm’s quarterly revenue was up 48.4% on a year-over-year basis. During the same quarter last year, the firm posted ($1.05) earnings per share. As a group, sell-side analysts forecast that Reddit will post -4.59 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Andrew Vollero sold 50,580 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 2,981,185.20. Following the completion of the transaction, the chief financial officer now directly owns 631,080 shares in the company, valued at approximately 37,195,855.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CFO Andrew Vollero sold 50,580 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 2,981,185.20. Following the transaction, the chief financial officer now directly owns 631,080 shares of the company’s stock, valued at 37,195,855.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Benjamin Seong Lee sold 20,034 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 1,180,803.96. Following the transaction, the insider now directly owns 259,312 shares in the company, valued at 15,283,849.28. The disclosure for this sale can be found here. Insiders sold a total of 192,689 shares of company stock worth $11,357,090 in the last 90 days.

Institutional Investors Weigh In On Reddit

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Commonwealth Equity Services LLC raised its stake in shares of Reddit by 11.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 25,185 shares of the company’s stock valued at $1,609,000 after acquiring an additional 2,659 shares in the last quarter. UMB Bank n.a. bought a new position in shares of Reddit in the 2nd quarter valued at approximately $88,000. Cambridge Investment Research Advisors Inc. bought a new position in shares of Reddit in the 2nd quarter valued at approximately $1,201,000. ARK Investment Management LLC increased its position in Reddit by 1,491.2% in the 2nd quarter. ARK Investment Management LLC now owns 159,936 shares of the company’s stock worth $10,218,000 after buying an additional 149,885 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Reddit by 10.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after buying an additional 153,282 shares during the period.

About Reddit

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.