B. Riley Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its target price boosted by equities research analysts at B. Riley from $112.00 to $187.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley’s target price would indicate a potential upside of 15.51% from the company’s current price.

Other research analysts have also issued research reports about the stock. JPMorgan Chase & Co. raised their price target on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Piper Sandler raised their price objective on Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research report on Tuesday. Robert W. Baird upped their target price on shares of Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. Roth Mkm lifted their price objective on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Morgan Stanley raised shares of Reddit from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $70.00 to $200.00 in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $148.25.

Reddit Stock Performance

NYSE RDDT traded down $2.76 during trading hours on Tuesday, hitting $161.89. 2,093,275 shares of the company’s stock were exchanged, compared to its average volume of 4,716,993. The business’s 50 day moving average is $154.55 and its 200-day moving average is $97.94. Reddit has a 12-month low of $37.35 and a 12-month high of $187.69.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Reddit’s revenue was up 67.9% on a year-over-year basis. On average, research analysts predict that Reddit will post -3.46 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $76.27, for a total value of $2,542,384.18. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares in the company, valued at approximately $117,643,195.39. This represents a 2.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benjamin Seong Lee sold 18,519 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value 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 $20,214,850.06. The trade was a 11.80 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 250,357 shares of company stock worth $34,241,680.

Institutional Trading of Reddit

A number of hedge funds have recently made changes to their positions in the stock. Ridgewood Investments LLC increased its position in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the last quarter. StoneCrest Wealth Management Inc. increased its holdings in Reddit by 2.6% in the third quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after buying an additional 176 shares during the last quarter. AdvisorNet Financial Inc raised its position in Reddit by 41.9% during the fourth quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after acquiring an additional 201 shares in the last quarter. Whittier Trust Co. acquired a new stake in Reddit in the third quarter valued at approximately $42,000. Finally, SOA Wealth Advisors LLC. grew its position in Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after acquiring an additional 691 shares in 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.