Reddit (NYSE:RDDT) Price Target Increased to $65.00 by Analysts at Piper Sandler

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

A number of other equities analysts also recently commented on the stock. JPMorgan Chase & Co. began coverage on shares of Reddit in a research note on Monday, April 15th. They set a neutral rating and a $47.00 price objective for the company. Needham & Company LLC raised their price target on Reddit from $55.00 to $63.00 and gave the company a buy rating in a research note on Wednesday. Roth Mkm started coverage on Reddit in a research report on Monday, April 15th. They set a buy rating and a $50.00 price target on the stock. Loop Capital assumed coverage on Reddit in a report on Monday, April 15th. They issued a buy rating and a $55.00 price objective for the company. Finally, Roth Capital restated a buy rating on shares of Reddit in a report on Monday, April 15th. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of 54.87.

Reddit Stock Performance

RDDT stock opened at 48.90 on Wednesday. Reddit has a fifty-two week low of 37.35 and a fifty-two week high of 74.90.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The firm had revenue of 243.00 million for the quarter, compared to analyst estimates of 213.99 million. During the same quarter in the previous year, the company posted ($1.05) earnings per share. The firm’s quarterly revenue was up 48.4% compared to the same quarter last year. As a group, research analysts expect that Reddit will post -7.09 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 500,000 shares of Reddit stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Steve Ladd Huffman sold 500,000 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 value of 16,150,000.00. Following the sale, the chief executive officer now directly owns 710,306 shares in the company, valued at approximately 22,942,883.80. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Andrew Vollero sold 71,765 shares of Reddit 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 sale, the chief financial officer now directly owns 681,660 shares in the company, valued at 22,017,618. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets acquired a new position in Reddit in the 1st quarter worth about $37,000. SG Americas Securities LLC acquired a new position in shares of Reddit in the first quarter valued at approximately $265,000. ANTIPODES PARTNERS Ltd bought a new position in Reddit in the 1st quarter valued at approximately $63,000. Commonwealth Equity Services LLC acquired a new stake in Reddit during the 1st quarter worth approximately $1,111,000. Finally, Congress Park Capital LLC acquired a new stake in Reddit during the 1st quarter worth approximately $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.