Reddit (NYSE:RDDT) Given New $45.00 Price Target at Sanford C. Bernstein

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

Several other research analysts also recently weighed in on RDDT. New Street Research assumed coverage on Reddit in a report on Tuesday, March 26th. They issued a neutral rating and a $54.00 price target for the company. JPMorgan Chase & Co. assumed coverage on Reddit in a report on Monday, April 15th. They issued a neutral rating and a $47.00 price target for the company. The Goldman Sachs Group initiated coverage on Reddit in a report on Monday, April 15th. They issued a neutral rating and a $40.00 price target for the company. Robert W. Baird upped their price objective on Reddit from $50.00 to $59.00 and gave the stock a neutral rating in a report on Wednesday. Finally, Morgan Stanley initiated coverage on Reddit in a report on Monday, April 15th. They set an equal weight rating and a $45.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of 54.87.

Reddit Stock Down 2.5 %

RDDT stock traded down 1.29 on Wednesday, reaching 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 earnings per share (EPS) 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 analysts’ expectations of 213.99 million. The business’s quarterly revenue was up 48.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.05) earnings per share. On average, research analysts expect that Reddit will post -7.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, CFO Andrew Vollero sold 71,765 shares of the firm’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 2,318,009.50. Following the sale, the chief financial officer now owns 681,660 shares in the company, valued at 22,017,618. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Andrew Vollero sold 71,765 shares of the firm’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 transaction of 2,318,009.50. Following the transaction, the chief financial officer now owns 681,660 shares in the company, valued at 22,017,618. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 185,000 shares of the firm’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 transaction of 5,975,500.00. Following the transaction, the chief technology officer now owns 413,684 shares in the company, valued at approximately 13,361,993.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC bought a new stake in Reddit during the first 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.

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.