Needham & Company LLC Boosts Reddit (NYSE:RDDT) Price Target to $120.00

Reddit (NYSE:RDDT) had its target price boosted by Needham & Company LLC from $85.00 to $120.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts also recently commented on the company. JMP Securities reiterated a “market outperform” rating and set a $84.00 target price on shares of Reddit in a research report on Tuesday, July 30th. Morgan Stanley raised their price target on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. raised their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Loop Capital raised their price target on Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, The Goldman Sachs Group raised their price target on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $89.72.

Reddit Trading Up 42.0 %

NYSE RDDT opened at $116.03 on Wednesday. Reddit has a one year low of $37.35 and a one year high of $118.25. The stock has a 50 day moving average price of $67.80 and a 200-day moving average price of $61.21.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The company’s quarterly revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts predict that Reddit will post -4.05 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Mary Porter Gale sold 15,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the transaction, the director now owns 101,459 shares in the company, valued at approximately $5,349,933.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Mary Porter Gale sold 15,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the transaction, the director now owns 101,459 shares in the company, valued at approximately $5,349,933.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 21,000 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $1,133,790.00. Following the transaction, the chief technology officer now owns 339,295 shares in the company, valued at approximately $18,318,537.05. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 390,327 shares of company stock worth $23,503,224.

Hedge Funds Weigh In On Reddit

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. VY Capital Management Co. Ltd. purchased a new position in Reddit in the third quarter valued at about $474,403,000. Inclusive Capital Partners L.P. purchased a new position in Reddit in the first quarter valued at about $103,051,000. Vanguard Group Inc. purchased a new position in Reddit in the first quarter valued at about $82,167,000. Bank of New York Mellon Corp grew its stake in Reddit by 10.1% in the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after purchasing an additional 153,282 shares during the last quarter. Finally, Marshall Wace LLP grew its stake in 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 purchasing an additional 457,588 shares during the last quarter.

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.