Reddit (NYSE:RDDT) Price Target Increased to $45.00 by Analysts at Sanford C. Bernstein

Reddit (NYSE:RDDT) had its target price boosted by Sanford C. Bernstein from $40.00 to $45.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Sanford C. Bernstein currently has an underperform rating on the stock.

A number of other brokerages have also recently issued reports on RDDT. Roth Mkm lifted their price target on shares of Reddit from $50.00 to $61.00 and gave the company a buy rating in a research report on Wednesday. Piper Sandler raised their price objective on shares of Reddit from $50.00 to $65.00 and gave the company an overweight rating in a research note on Wednesday. Loop Capital initiated coverage on shares of Reddit in a report on Monday, April 15th. They issued a buy rating and a $55.00 target price on the stock. Bank of America initiated coverage on shares of Reddit in a research report on Tuesday, April 16th. They issued a neutral rating and a $46.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Reddit in a research report on Tuesday, April 16th. They issued a buy rating and a $50.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of 54.87.

Reddit Stock Down 2.5 %

Shares of NYSE:RDDT traded down 1.29 on Wednesday, hitting 50.11. The company 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 posted its earnings results on Tuesday, May 7th. The company reported -8.19 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. During the same period last year, the company posted ($1.05) earnings per share. The company’s revenue for the quarter was up 48.4% on a year-over-year basis. Research analysts forecast that Reddit will post -7.09 earnings per share for the current year.

Insider Buying and Selling at Reddit

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

Hedge Funds Weigh In On Reddit

Hedge funds and other institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC acquired a new position in Reddit in the 1st quarter worth approximately $27,000. BNP Paribas Financial Markets acquired a new position in Reddit in the 1st quarter worth approximately $37,000. ANTIPODES PARTNERS Ltd acquired a new position in Reddit in the 1st quarter worth approximately $63,000. SG Americas Securities LLC acquired a new position in Reddit in the 1st quarter worth approximately $265,000. Finally, Congress Park Capital LLC acquired a new position in Reddit in the 1st quarter worth 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.