Reddit (NYSE:RDDT) Given New $65.00 Price Target at Deutsche Bank Aktiengesellschaft

Reddit (NYSE:RDDTFree Report) had its price objective increased by Deutsche Bank Aktiengesellschaft from $62.00 to $65.00 in a research report sent to investors on Friday, Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock.

Other research analysts have also recently issued reports about the stock. New Street Research initiated coverage on shares of Reddit in a report on Tuesday, March 26th. They issued a neutral rating and a $54.00 price target on the stock. Raymond James started coverage on Reddit in a report on Monday, April 15th. They set a strong-buy rating and a $50.00 price target for the company. Robert W. Baird increased their price objective on Reddit from $50.00 to $59.00 and gave the stock a neutral rating in a research report on Wednesday, May 8th. Roth Mkm boosted their target price on shares of Reddit from $50.00 to $61.00 and gave the company a buy rating in a research report on Wednesday, May 8th. Finally, Loop Capital started coverage on shares of Reddit in a report on Monday, April 15th. They issued a buy rating and a $55.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Reddit has an average rating of Moderate Buy and an average price target of 56.20.

Check Out Our Latest Stock Report on Reddit

Reddit Stock Performance

Shares of NYSE RDDT opened at 61.22 on Friday. The stock’s 50 day simple moving average is 48.76. Reddit has a twelve month low of 37.35 and a twelve month high of 74.90.

Reddit (NYSE:RDDTGet Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The company had revenue of 243.00 million during the quarter, compared to analyst estimates of 213.99 million. During the same quarter in the previous year, the business posted ($1.05) EPS. The company’s revenue for the quarter was up 48.4% compared to the same quarter last year. On average, analysts anticipate that Reddit will post -4.71 earnings per share for the current fiscal year.

Insider Activity at Reddit

In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 97,965.90. Following the sale, the chief accounting officer now owns 96,413 shares of the company’s stock, valued at approximately 3,114,139.90. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the company’s 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 directly owns 413,684 shares in the company, valued at approximately 13,361,993.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Michelle Marie Reynolds sold 3,033 shares of Reddit stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 97,965.90. Following the transaction, the chief accounting officer now owns 96,413 shares in the company, valued at approximately 3,114,139.90. The disclosure for this sale can be found here. Insiders sold a total of 1,084,798 shares of company stock valued at $35,038,975 in the last quarter.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Rokos Capital Management LLP acquired a new stake in shares of Reddit in the first quarter valued at about $370,000. Janus Henderson Group PLC acquired a new stake in Reddit during the 1st quarter valued at approximately $741,000. Blackstone Inc. bought a new position in Reddit during the 1st quarter worth approximately $36,990,000. BlueCrest Capital Management Ltd bought a new position in Reddit during the 1st quarter worth approximately $1,480,000. Finally, Inclusive Capital Partners L.P. acquired a new position in shares of Reddit in the 1st quarter worth approximately $103,051,000.

Reddit Company Profile

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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.

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Analyst Recommendations for Reddit (NYSE:RDDT)

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