Reddit (NYSE:RDDT) Given New $90.00 Price Target at Loop Capital

Reddit (NYSE:RDDT) had its target price raised by Loop Capital from $80.00 to $90.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Loop Capital’s price target points to a potential upside of 11.11% from the company’s previous close.

A number of other equities analysts have also weighed in on the stock. Morgan Stanley upped their target price 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. Bank of America lifted their price target on shares of Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. JMP Securities reaffirmed a “market outperform” rating and set a $84.00 price target on shares of Reddit in a research note on Tuesday, July 30th. Sanford C. Bernstein lifted their price target on shares of Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Monday, July 22nd. Finally, Cannonball Research assumed coverage on shares of Reddit in a report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $73.61.

Reddit Stock Performance

Shares of NYSE RDDT traded up $2.40 during midday trading on Friday, reaching $81.00. The stock had a trading volume of 2,413,364 shares, compared to its average volume of 4,378,892. The stock has a 50-day moving average of $65.04 and a 200-day moving average of $59.82. Reddit has a 12-month low of $37.35 and a 12-month high of $81.46.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. The business’s revenue for the quarter was up 53.6% on a year-over-year basis. During the same period last year, the company earned ($0.70) earnings per share. Equities analysts anticipate that Reddit will post -4.1 earnings per share for the current fiscal year.

Insider Activity at Reddit

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the transaction, the chief technology officer now directly owns 30,068 shares in the company, valued at $2,329,668.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the transaction, the chief technology officer now directly owns 30,068 shares in the company, valued at $2,329,668.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Andrew Vollero sold 11,287 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total transaction of $722,368.00. Following the completion of the transaction, the chief financial officer now owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 390,327 shares of company stock worth $23,503,224 in the last three months.

Hedge Funds Weigh In On Reddit

A number of large investors have recently added to or reduced their stakes in the stock. VY Capital Management Co. Ltd. acquired a new position in Reddit during the third quarter worth $474,403,000. Inclusive Capital Partners L.P. acquired a new position in Reddit during the first quarter worth $103,051,000. Vanguard Group Inc. acquired a new position in Reddit during the first quarter worth $82,167,000. Bank of New York Mellon Corp raised its position in Reddit by 10.1% during the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after acquiring an additional 153,282 shares during the period. Finally, Marshall Wace LLP raised its position in shares of Reddit by 117.2% in the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after buying an additional 457,588 shares during 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.