Reddit (NYSE:RDDT) Earns Overweight Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Reddit (NYSE:RDDT) in a research note released on Wednesday, Benzinga reports. They currently have a $115.00 target price on the stock, up from their previous target price of $70.00.

A number of other analysts have also recently commented on the stock. JMP Securities reissued a “market outperform” rating and set a $84.00 target price on shares of Reddit in a research note on Tuesday, July 30th. JPMorgan Chase & Co. boosted their price objective on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Roth Mkm raised their target price on Reddit from $66.00 to $89.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Bank of America boosted their price target on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, The Goldman Sachs Group raised their price objective on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $89.72.

Reddit Trading Down 5.3 %

Shares of RDDT stock opened at $112.98 on Wednesday. Reddit has a 12-month low of $37.35 and a 12-month high of $123.60. The business’s 50 day moving average is $70.13 and its two-hundred day moving average is $62.27.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company’s revenue for the quarter was up 67.9% compared to the same quarter last year. On average, equities analysts predict that Reddit will post -4.05 earnings per share for the current year.

Insider Buying and Selling

In other Reddit news, CAO Michelle Marie Reynolds sold 12,000 shares of Reddit stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total value of $648,000.00. Following the sale, the chief accounting officer now owns 71,162 shares in the company, valued at $3,842,748. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total value of $648,000.00. Following the transaction, the chief accounting officer now directly owns 71,162 shares in the company, valued at approximately $3,842,748. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total transaction of $755,720.00. Following the completion of the sale, the chief executive officer now owns 672,352 shares of the company’s stock, valued at $36,293,560.96. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 390,327 shares of company stock worth $23,503,224.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently bought and sold shares of RDDT. DekaBank Deutsche Girozentrale purchased a new position in shares of Reddit in the first quarter valued at approximately $7,363,000. Commonwealth Equity Services LLC acquired a new stake in shares of Reddit in the first quarter valued at $1,111,000. VY Capital Management Co. Ltd. acquired a new stake in shares of Reddit in the third quarter valued at $474,403,000. Claro Advisors LLC acquired a new position in Reddit during the 3rd quarter worth $2,557,000. Finally, BNP Paribas Financial Markets acquired a new position in Reddit during the 1st quarter worth $37,000.

Reddit Company Profile

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.