Reddit’s (RDDT) “Overweight” Rating Reaffirmed at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Reddit (NYSE:RDDT) in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a $115.00 price target on the stock, up from their prior price target of $70.00.

Several other research firms have also recently issued reports on RDDT. Needham & Company LLC boosted their target price on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday. B. Riley lifted their price objective on Reddit from $75.00 to $87.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Cannonball Research initiated coverage on shares of Reddit in a research note on Tuesday, August 6th. They set a “buy” rating and a $67.00 price target on the stock. Loop Capital lifted their price objective on Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, Sanford C. Bernstein upped their price target on shares of Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, July 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $89.72.

Reddit Trading Down 5.3 %

Shares of RDDT stock opened at $112.98 on Wednesday. The firm has a fifty day moving average price of $70.13 and a 200 day moving average price of $62.27. Reddit has a 12 month low of $37.35 and a 12 month high of $123.60.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts expect that Reddit will post -4.05 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Mary Porter Gale sold 15,000 shares of Reddit stock in a transaction dated 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 directly owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Mary Porter Gale sold 15,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the sale, the director now directly owns 101,459 shares in the company, valued at approximately $5,349,933.07. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total value of $3,250,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at approximately $100,275,129.57. 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 have sold 390,327 shares of company stock valued at $23,503,224.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently modified their holdings of the company. Commonwealth Equity Services LLC acquired a new position in Reddit during the 1st quarter valued at about $1,111,000. BNP Paribas Financial Markets bought a new position in shares of Reddit in the first quarter valued at approximately $37,000. SG Americas Securities LLC bought a new position in shares of Reddit in the first quarter valued at approximately $265,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of Reddit during the first quarter valued at approximately $63,000. Finally, Vanguard Group Inc. bought a new stake in Reddit during the first quarter worth approximately $82,167,000.

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.