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

Reddit (NYSE:RDDT) had its target price hoisted by Needham & Company LLC from $55.00 to $63.00 in a research note issued to investors on Wednesday, Marketbeat reports. The firm currently has a “buy” rating on the stock.

A number of other analysts have also recently commented on RDDT. Sanford C. Bernstein began coverage on shares of Reddit in a research report on Thursday, April 4th. They set an “underperform” rating and a $40.00 price target on the stock. Deutsche Bank Aktiengesellschaft started coverage on Reddit in a research note on Tuesday, April 16th. They set a “buy” rating and a $50.00 target price for the company. The Goldman Sachs Group initiated coverage on Reddit in a research note on Monday, April 15th. They issued a “neutral” rating and a $40.00 price target on the stock. JPMorgan Chase & Co. began coverage on shares of Reddit in a research report on Monday, April 15th. They set a “neutral” rating and a $47.00 price objective for the company. Finally, Robert W. Baird began coverage on shares of Reddit in a research report on Thursday, April 4th. They set a “neutral” rating and a $50.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of 51.33.

Reddit Price Performance

Shares of NYSE RDDT opened at 49.40 on Wednesday. Reddit has a 1 year low of 37.35 and a 1 year high of 74.90.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing the consensus estimate of -2.34 by -5.85. The firm had revenue of 243.00 million for the quarter, compared to analysts’ expectations of 213.99 million. The business’s revenue was up 48.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.05) earnings per share. On average, equities research analysts predict that Reddit will post -7.09 EPS for the current year.

Insider Buying and Selling

In other Reddit news, Director David C. Habiger acquired 3,000 shares of the company’s stock in a transaction on Monday, March 25th. The shares were acquired at an average cost of 34.00 per share, with a total value of 102,000.00. Following the completion of the acquisition, the director now directly owns 24,906 shares in the company, valued at 846,804. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Reddit news, Director David C. Habiger acquired 3,000 shares of Reddit stock in a transaction that occurred on Monday, March 25th. The stock was acquired at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the purchase, the director now owns 24,906 shares of the company’s stock, valued at 846,804. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Michelle Marie Reynolds sold 3,033 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 97,965.90. Following the sale, 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. In the last 90 days, insiders sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Investors Weigh In On Reddit

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Congress Park Capital LLC bought a new position in shares of Reddit in the first quarter valued at approximately $279,000. Raymond James Financial Services Advisors Inc. purchased a new stake in Reddit in the 1st quarter worth approximately $2,057,000. Seven Grand Managers LLC bought a new position in Reddit in the 1st quarter valued at $986,000. Global Retirement Partners LLC purchased a new position in shares of Reddit during the 1st quarter valued at $27,000. Finally, Commonwealth Equity Services LLC bought a new position in shares of Reddit in the first quarter worth $1,111,000.

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.