Reddit (NYSE:RDDT) Given New $65.00 Price Target at Citigroup

Reddit (NYSE:RDDT) had its price objective boosted by Citigroup from $53.00 to $65.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts also recently issued reports on RDDT. Piper Sandler lifted their price target on Reddit from $50.00 to $65.00 and gave the company an overweight rating in a report on Wednesday. Morgan Stanley began coverage on shares of Reddit in a report on Monday, April 15th. They issued an equal weight rating and a $45.00 target price for the company. The Goldman Sachs Group initiated coverage on shares of Reddit in a research note on Monday, April 15th. They issued a neutral rating and a $40.00 target price for the company. Bank of America began coverage on Reddit in a research report on Tuesday, April 16th. They set a neutral rating and a $46.00 price target on the stock. Finally, JPMorgan Chase & Co. assumed coverage on Reddit in a research report on Monday, April 15th. They issued a neutral rating and a $47.00 price objective for the company. 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of 54.87.

Reddit Stock Down 2.5 %

NYSE:RDDT traded down 1.29 during mid-day trading on Wednesday, reaching 50.11. The company’s stock had a trading volume of 3,900,500 shares, compared to its average volume of 6,297,074. Reddit has a 1 year low of 37.35 and a 1 year high of 74.90.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share 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 for the quarter was up 48.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.05) earnings per share. As a group, analysts expect that Reddit will post -7.09 EPS for the current fiscal year.

Insider Activity at Reddit

In related news, Director David C. Habiger purchased 3,000 shares of the business’s stock in a transaction on Monday, March 25th. The shares were bought at an average cost of 34.00 per share, with a total value of 102,000.00. Following the transaction, the director now owns 24,906 shares of the company’s stock, valued at 846,804. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director David C. Habiger acquired 3,000 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was acquired at an average price of 34.00 per share, with a total value of 102,000.00. Following the acquisition, the director now directly owns 24,906 shares in the company, valued at approximately 846,804. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 500,000 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 16,150,000.00. Following the sale, the chief executive officer now directly owns 710,306 shares in the company, valued at 22,942,883.80. The disclosure for this sale can be found here. Insiders sold 1,084,798 shares of company stock worth $35,038,975 over the last three months.

Institutional Trading of Reddit

A number of hedge funds have recently added to or reduced their stakes in the company. Global Retirement Partners LLC acquired a new position in shares of Reddit in the first quarter worth about $27,000. BNP Paribas Financial Markets acquired a new stake in Reddit in the first quarter valued at approximately $37,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of Reddit during the 1st quarter worth approximately $63,000. SG Americas Securities LLC acquired a new position in shares of Reddit during the 1st quarter worth approximately $265,000. Finally, Congress Park Capital LLC acquired a new stake in Reddit in the 1st quarter valued at $279,000.

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.