Robert W. Baird Increases Reddit (NYSE:RDDT) Price Target to $160.00

Reddit (NYSE:RDDT) had its price target boosted by Robert W. Baird from $100.00 to $160.00 in a report issued on Wednesday,Benzinga reports. Robert W. Baird currently has a neutral rating on the stock.

Several other brokerages have also commented on RDDT. Loop Capital raised their price objective on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Citigroup lifted their target price on shares of Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. B. Riley restated a “buy” rating and issued a $112.00 price objective (up previously from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Morgan Stanley upgraded Reddit from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $70.00 to $200.00 in a report on Monday. Finally, Roth Mkm upped their price target on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $124.42.

Reddit Stock Performance

Shares of NYSE RDDT traded up $3.35 during trading on Wednesday, reaching $169.27. 868,690 shares of the company traded hands, compared to its average volume of 5,122,230. Reddit has a 12-month low of $37.35 and a 12-month high of $180.74. The firm’s fifty day simple moving average is $114.07 and its 200 day simple moving average is $79.85.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit’s quarterly revenue was up 67.9% on a year-over-year basis. On average, equities analysts forecast that Reddit will post -3.54 earnings per share for the current year.

Insider Activity at Reddit

In related news, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the transaction, the insider now owns 138,401 shares of the company’s stock, valued at $20,214,850.06. This trade represents a 11.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Andrew Vollero sold 11,287 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total value of $722,368.00. Following the sale, the chief financial officer now directly owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. This represents a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 325,644 shares of company stock valued at $31,195,790 over the last ninety days.

Institutional Investors Weigh In On Reddit

Institutional investors have recently made changes to their positions in the stock. Whittier Trust Co. purchased a new position in Reddit in the third quarter valued at approximately $42,000. SOA Wealth Advisors LLC. acquired a new position in Reddit during the 2nd quarter worth $78,000. Daiwa Securities Group Inc. bought a new stake in shares of Reddit in the 3rd quarter worth about $85,000. UMB Bank n.a. acquired a new stake in shares of Reddit in the 2nd quarter valued at about $88,000. Finally, Sanctuary Advisors LLC bought a new position in shares of Reddit during the third quarter worth about $144,000.

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.