Reddit (NYSE:RDDT) Stock Price Expected to Rise, Loop Capital Analyst Says

Reddit (NYSE:RDDT) had its price objective boosted by Loop Capital from $120.00 to $180.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Loop Capital’s price target would suggest a potential upside of 27.94% from the stock’s current price.

A number of other research analysts have also recently commented on the stock. JMP Securities raised their price target on shares of Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research note on Monday, November 25th. Sanford C. Bernstein boosted their price target on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Cannonball Research started coverage on Reddit in a research note on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective for the company. Roth Mkm lifted their price objective on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Bank of America upped their target price on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $103.17.

Reddit Price Performance

Shares of NYSE:RDDT opened at $140.69 on Monday. The business’s 50 day moving average is $99.72 and its 200-day moving average is $74.46. Reddit has a 1-year low of $37.35 and a 1-year high of $158.49.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, analysts anticipate that Reddit will post -3.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the completion of the sale, the insider now owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. The trade was a 11.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andrew Vollero sold 19,838 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $143.22, for a total value of $2,841,198.36. Following the completion of the transaction, the chief financial officer now directly owns 703,615 shares in the company, valued at approximately $100,771,740.30. This trade represents a 2.74 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,644 shares of company stock worth $29,210,730.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently modified their holdings of RDDT. Whittier Trust Co. bought a new position in Reddit during the 3rd quarter worth approximately $42,000. SOA Wealth Advisors LLC. bought a new position in shares of Reddit during the second quarter worth $78,000. Daiwa Securities Group Inc. acquired a new position in shares of Reddit in the 3rd quarter valued at $85,000. UMB Bank n.a. bought a new stake in shares of Reddit in the 2nd quarter valued at $88,000. Finally, Sanctuary Advisors LLC acquired a new stake in Reddit during the 3rd quarter worth $144,000.

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.