Reddit (NYSE:RDDT) PT Raised to $63.00 at Needham & Company LLC

Reddit (NYSE:RDDT) had its price target boosted by stock analysts at Needham & Company LLC from $55.00 to $63.00 in a note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage presently has a “buy” rating on the stock.

A number of other analysts have also issued reports on the stock. Morgan Stanley initiated coverage on shares of Reddit in a research note on Monday, April 15th. They set an “equal weight” rating and a $45.00 price target on the stock. Citigroup assumed coverage on shares of Reddit in a report on Monday, April 15th. They set a “buy” rating and a $53.00 target price on the stock. Roth Mkm initiated coverage on Reddit in a research report on Monday, April 15th. They set a “buy” rating and a $50.00 price objective on the stock. Sanford C. Bernstein initiated coverage on Reddit in a report on Thursday, April 4th. They issued an “underperform” rating and a $40.00 target price for the company. Finally, New Street Research started coverage on Reddit in a research report on Tuesday, March 26th. They issued a “neutral” rating and a $54.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of 51.33.

Reddit Price Performance

NYSE RDDT opened at 49.40 on Wednesday. Reddit has a twelve month low of 37.35 and a twelve month high of 74.90.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The business had revenue of 243.00 million during the quarter, compared to the consensus estimate of 213.99 million. During the same quarter last year, the firm posted ($1.05) earnings per share. The firm’s revenue for the quarter was up 48.4% compared to the same quarter last year. As a group, analysts expect that Reddit will post -7.09 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 5,975,500.00. Following the completion of the sale, the chief technology officer now directly owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Reddit news, CEO Steve Ladd Huffman sold 500,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 16,150,000.00. Following the completion of the sale, the chief executive officer now directly owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Christopher Brian Slowe sold 185,000 shares of Reddit stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 5,975,500.00. Following the completion of the transaction, the chief technology officer now owns 413,684 shares in the company, valued at 13,361,993.20. The disclosure for this sale can be found here. Insiders have sold a total of 1,084,798 shares of company stock valued at $35,038,975 over the last quarter.

Hedge Funds Weigh In On Reddit

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets purchased a new stake in shares of Reddit in the first quarter valued at about $37,000. SG Americas Securities LLC acquired a new stake in Reddit in the first quarter valued at about $265,000. ANTIPODES PARTNERS Ltd purchased a new stake in Reddit in the 1st quarter valued at approximately $63,000. Commonwealth Equity Services LLC purchased a new position in shares of Reddit during the 1st quarter worth approximately $1,111,000. Finally, Congress Park Capital LLC purchased a new stake in shares of Reddit in the first quarter valued at approximately $279,000.

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.