Reddit (NYSE:RDDT) Price Target Raised to $63.00 at Needham & Company LLC

Reddit (NYSE:RDDT) had its price target raised by Needham & Company LLC from $55.00 to $63.00 in a research report report published on Wednesday, MarketBeat reports. The firm currently has a buy rating on the stock.

Several other equities research analysts have also recently weighed in on the company. Loop Capital began coverage on Reddit in a report on Monday, April 15th. They issued a buy rating and a $55.00 price objective for the company. Roth Capital reiterated a buy rating on shares of Reddit in a report on Monday, April 15th. Sanford C. Bernstein began coverage on Reddit in a report on Thursday, April 4th. They issued an underperform rating and a $40.00 price objective for the company. Piper Sandler began coverage on Reddit in a report on Monday, April 15th. They issued an overweight rating and a $50.00 price objective for the company. Finally, Raymond James began coverage on Reddit in a report on Monday, April 15th. They issued a strong-buy rating and a $50.00 price objective for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of 53.87.

Reddit Stock Performance

Shares of RDDT stock opened at 51.40 on Wednesday. Reddit has a 1-year low of 37.35 and a 1-year high of 74.90.

Reddit (NYSE:RDDT) last issued its earnings results 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 company had revenue of 243.00 million during the quarter, compared to the consensus estimate of 213.99 million. Reddit’s revenue for the quarter was up 48.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.05) EPS. On average, equities analysts expect that Reddit will post -7.09 EPS for the current year.

Insider Activity at Reddit

In related news, Director David C. Habiger acquired 3,000 shares of Reddit stock in a transaction that occurred on Monday, March 25th. The stock was bought at an average price of 34.00 per share, with a total value of 102,000.00. Following the transaction, the director now directly owns 24,906 shares in the company, valued at 846,804. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Reddit news, Director David C. Habiger bought 3,000 shares of the business’s stock in a transaction on Monday, March 25th. The shares were acquired at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the purchase, the director now owns 24,906 shares in the company, valued at approximately 846,804. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction on 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 sale, 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. Insiders sold a total of 1,084,798 shares of company stock valued at $35,038,975 in the last 90 days.

Hedge Funds Weigh In On Reddit

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