Reddit (NYSE:RDDT) Price Target Raised to $250.00 at B. Riley Securities

by · The Markets Daily

Reddit (NYSE:RDDTGet Free Report) had its target price increased by B. Riley Securities from $245.00 to $250.00 in a research report issued on Friday. The brokerage currently has a “buy” rating on the stock. B. Riley Securities’ price target points to a potential upside of 79.40% from the company’s current price.

A number of other analysts have also recently issued reports on RDDT. The Goldman Sachs Group set a $206.00 price objective on Reddit in a research report on Friday. Robert W. Baird set a $200.00 price target on Reddit in a report on Friday. Wall Street Zen cut shares of Reddit from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Piper Sandler reissued an “overweight” rating and issued a $205.00 price objective (down from $290.00) on shares of Reddit in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $285.00 target price on shares of Reddit in a research note on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $242.24.

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Reddit Trading Down 7.7%

Shares of RDDT traded down $11.70 during midday trading on Friday, reaching $139.35. The stock had a trading volume of 19,619,665 shares, compared to its average volume of 5,519,855. The firm has a market cap of $26.41 billion, a PE ratio of 80.09, a P/E/G ratio of 1.06 and a beta of 2.17. The firm has a 50 day simple moving average of $222.78 and a 200-day simple moving average of $214.72. Reddit has a one year low of $79.75 and a one year high of $282.95.

Reddit (NYSE:RDDTGet Free Report) last issued its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The company had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. During the same period in the prior year, the firm earned $0.36 EPS. Reddit’s quarterly revenue was up 69.7% compared to the same quarter last year. As a group, research analysts forecast that Reddit will post 1.12 EPS for the current fiscal year.

Insider Activity

In related news, CFO Andrew Vollero sold 3,674 shares of Reddit stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $261.21, for a total value of $959,685.54. Following the transaction, the chief financial officer directly owned 251,644 shares of the company’s stock, valued at $65,731,929.24. This trade represents a 1.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Christopher Brian Slowe sold 14,000 shares of the company’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $212.61, for a total value of $2,976,540.00. Following the sale, the chief technology officer owned 167,694 shares of the company’s stock, valued at $35,653,421.34. The trade was a 7.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 523,511 shares of company stock valued at $114,237,285. Company insiders own 34.25% of the company’s stock.

Institutional Trading of Reddit

Several institutional investors and hedge funds have recently modified their holdings of the business. Raiffeisen Bank International AG bought a new position in Reddit in the third quarter valued at about $25,000. GW&K Investment Management LLC acquired a new stake in shares of Reddit in the 3rd quarter valued at approximately $30,000. Cornerstone Planning Group LLC grew its holdings in shares of Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the last quarter. LOM Asset Management Ltd acquired a new position in Reddit during the 4th quarter worth approximately $33,000. Finally, Financial Perspectives Inc bought a new position in Reddit in the 2nd quarter valued at approximately $34,000.

Trending Headlines about Reddit

Here are the key news stories impacting Reddit this week:

About Reddit

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Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.

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