Reddit (NYSE:RDDT) Price Target Raised to $65.00 at Piper Sandler

Reddit (NYSE:RDDT) had its price objective increased by Piper Sandler from $50.00 to $65.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

A number of other equities research analysts also recently commented on RDDT. Morgan Stanley began coverage on Reddit in a research report on Monday, April 15th. They set an equal weight rating and a $45.00 price objective for the company. 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 target for the company. Raymond James started coverage on shares of Reddit in a research note on Monday, April 15th. They set a strong-buy rating and a $50.00 price objective for the company. New Street Research began coverage on shares of Reddit in a research report on Tuesday, March 26th. They issued a neutral rating and a $54.00 target price on the stock. Finally, Roth Capital restated a buy rating on shares of Reddit in a research report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit has an average rating of Moderate Buy and a consensus price target of 54.87.

Reddit Stock Down 4.9 %

Shares of NYSE RDDT opened at 48.90 on Wednesday. Reddit has a twelve month low of 37.35 and a twelve month high of 74.90.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The company had revenue of 243.00 million for the quarter, compared to analyst estimates of 213.99 million. Reddit’s quarterly revenue was up 48.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.05) EPS. Analysts anticipate that Reddit will post -7.09 EPS for the current fiscal year.

Insider Activity

In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the company’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 5,975,500.00. Following the transaction, the chief technology officer now directly owns 413,684 shares of the company’s stock, valued at approximately 13,361,993.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Steve Ladd Huffman sold 500,000 shares of the firm’s stock in a transaction on 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 transaction, the chief executive officer now owns 710,306 shares in the company, valued at approximately 22,942,883.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 185,000 shares of the company’s stock in a transaction on 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 completion of the sale, the chief technology officer now owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The disclosure for this sale can be found here. Insiders have sold a total of 1,084,798 shares of company stock worth $35,038,975 in the last ninety days.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently bought and sold shares of RDDT. Congress Park Capital LLC bought a new stake in shares of Reddit during the 1st quarter worth about $279,000. Raymond James Financial Services Advisors Inc. bought a new stake in Reddit during the first quarter worth approximately $2,057,000. Seven Grand Managers LLC bought a new position in shares of Reddit in the first quarter valued at approximately $986,000. Global Retirement Partners LLC acquired a new stake in shares of Reddit in the first quarter worth $27,000. Finally, Commonwealth Equity Services LLC bought a new stake in shares of Reddit during the 1st quarter worth $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.