Reddit (NYSE:RDDT) Price Target Increased to $61.00 by Analysts at Roth Mkm

Reddit (NYSE:RDDT) had its price objective raised by Roth Mkm from $50.00 to $61.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages have also issued reports on RDDT. Roth Capital restated a buy rating on shares of Reddit in a research report on Monday, April 15th. Raymond James started coverage on shares of Reddit in a research report on Monday, April 15th. They set a strong-buy rating and a $50.00 target price for the company. 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 target price for the company. The Goldman Sachs Group began coverage on shares of Reddit in a research report on Monday, April 15th. They issued a neutral rating and a $40.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Reddit in a research report on Tuesday, April 16th. They issued a buy rating and a $50.00 price target 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of 54.87.

Reddit Stock Down 2.5 %

Reddit stock traded down 1.29 during trading hours on Wednesday, hitting 50.11. The stock had a trading volume of 3,900,500 shares, compared to its average volume of 6,297,074. Reddit has a 12-month low of 37.35 and a 12-month high of 74.90.

Reddit (NYSE:RDDT) last released its quarterly earnings data 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. During the same period last year, the firm earned ($1.05) earnings per share. The firm’s revenue was up 48.4% compared to the same quarter last year. As a group, analysts anticipate that Reddit will post -7.09 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 185,000 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 5,975,500.00. Following the transaction, the chief technology officer now directly owns 413,684 shares in the company, valued at 13,361,993.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Reddit news, Director David C. Habiger bought 3,000 shares of the company’s stock in a transaction on Monday, March 25th. The shares were bought at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the acquisition, the director now directly owns 24,906 shares in the company, valued at 846,804. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction dated Monday, March 25th. The stock was 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 13,361,993.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Congress Park Capital LLC bought a new stake in shares of Reddit in the 1st quarter valued at about $279,000. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Reddit in the 1st quarter valued at about $2,057,000. Seven Grand Managers LLC bought a new stake in shares of Reddit in the 1st quarter valued at about $986,000. Global Retirement Partners LLC purchased a new position in shares of Reddit in the 1st quarter valued at approximately $27,000. Finally, Commonwealth Equity Services LLC purchased a new position in shares of Reddit in the 1st quarter valued at approximately $1,111,000.

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.