Needham & Company LLC Reaffirms Buy Rating for Reddit (NYSE:RDDT)

Needham & Company LLC reissued their buy rating on shares of Reddit (NYSE:RDDT) in a research report report published on Wednesday morning, Benzinga reports. The firm currently has a $75.00 price objective on the stock.

RDDT has been the topic of several other research reports. JPMorgan Chase & Co. reduced their price target on Reddit from $67.00 to $59.00 and set a neutral rating on the stock in a report on Wednesday, August 7th. Bank of America boosted their target price on shares of Reddit from $57.00 to $60.00 and gave the company a neutral rating in a report on Wednesday, August 7th. Raymond James raised their price target on shares of Reddit from $65.00 to $70.00 and gave the stock a strong-buy rating in a report on Wednesday, July 31st. Loop Capital raised shares of Reddit from a hold rating to a buy rating and set a $75.00 price target on the stock in a research report on Thursday, August 1st. Finally, Piper Sandler increased their price objective on Reddit from $65.00 to $70.00 and gave the stock an overweight rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, ten 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 a consensus rating of Moderate Buy and a consensus price target of $66.12.

Reddit Price Performance

Shares of NYSE RDDT opened at $65.99 on Wednesday. Reddit has a 12-month low of $37.35 and a 12-month high of $78.08. The company’s 50-day simple moving average is $59.47.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.25. The company had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. During the same quarter in the prior year, the firm earned ($0.70) earnings per share. The company’s revenue for the quarter was up 53.6% on a year-over-year basis. As a group, equities analysts forecast that Reddit will post -4.17 earnings per share for the current year.

Insider Buying and Selling

In other Reddit news, Director Mary Porter Gale sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $52.73, for a total value of $790,950.00. Following the completion of the transaction, the director now owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Reddit news, Director Mary Porter Gale sold 15,000 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $52.73, for a total value of $790,950.00. Following the sale, the director now owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Michelle Marie Reynolds sold 12,000 shares of Reddit stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total value of $648,000.00. Following the completion of the transaction, the chief accounting officer now owns 71,162 shares of the company’s stock, valued at approximately $3,842,748. The disclosure for this sale can be found here. Insiders have sold a total of 262,993 shares of company stock valued at $14,618,959 in the last ninety days.

Institutional Investors Weigh In On Reddit

A number of large investors have recently modified their holdings of the company. DekaBank Deutsche Girozentrale acquired a new position in shares of Reddit during the first quarter worth $7,363,000. Commonwealth Equity Services LLC acquired a new position in shares of Reddit during the 1st quarter worth about $1,111,000. BNP Paribas Financial Markets purchased a new position in shares of Reddit in the 1st quarter valued at about $37,000. Vanguard Group Inc. acquired a new stake in shares of Reddit during the 1st quarter worth about $82,167,000. Finally, Bamco Inc. NY purchased a new stake in Reddit during the first quarter worth approximately $14,796,000.

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.