Reddit (NYSE:RDDT) Given New $65.00 Price Target at Piper Sandler

Reddit (NYSE:RDDT) had its price objective lifted by equities research analysts at Piper Sandler from $50.00 to $65.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock.

Several other analysts have also weighed in on the stock. JMP Securities started coverage on shares of Reddit in a research note on Monday, April 15th. They issued an “outperform” rating and a $53.00 price objective for the company. Deutsche Bank Aktiengesellschaft assumed coverage on Reddit in a report on Tuesday, April 16th. They issued a “buy” rating and a $50.00 price target on the stock. Bank of America assumed coverage on Reddit in a research report on Tuesday, April 16th. They set a “neutral” rating and a $46.00 target price on the stock. New Street Research started coverage on shares of Reddit in a research report on Tuesday, March 26th. They issued a “neutral” rating and a $54.00 price target for the company. Finally, Needham & Company LLC upped their price objective on shares of Reddit from $55.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday. One 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. According to data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of 51.33.

Reddit Stock Up 2.3 %

NYSE:RDDT opened at 49.40 on Wednesday. Reddit has a 52 week low of 37.35 and a 52 week high of 74.90.

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

Insider Activity

In other Reddit news, Director David C. Habiger purchased 3,000 shares of the company’s stock in a transaction that occurred 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 completion of the acquisition, the director now owns 24,906 shares of the company’s stock, valued at approximately 846,804. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director David C. Habiger bought 3,000 shares of the company’s stock in a transaction on Monday, March 25th. The shares were purchased at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the completion of the purchase, the director now directly owns 24,906 shares in the company, valued at 846,804. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Andrew Vollero sold 71,765 shares of the company’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 2,318,009.50. Following the completion of the transaction, the chief financial officer now owns 681,660 shares in the company, valued at approximately 22,017,618. 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 over the last three months.

Institutional Investors Weigh In On Reddit

Several large investors have recently added to or reduced their stakes in the company. ANTIPODES PARTNERS Ltd bought a new position in Reddit during the first quarter worth about $63,000. SG Americas Securities LLC purchased a new stake in shares of Reddit during the 1st quarter valued at approximately $265,000. BNP Paribas Financial Markets bought a new position in Reddit in the 1st quarter worth approximately $37,000. Commonwealth Equity Services LLC purchased a new position in Reddit in the 1st quarter valued at approximately $1,111,000. Finally, Global Retirement Partners LLC bought a new stake in Reddit during the 1st quarter valued at $27,000.

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.