Reddit (NYSE:RDDT) Given “Buy” Rating at Roth Capital

Roth Capital reiterated their buy rating on shares of Reddit (NYSE:RDDT) in a research note issued to investors on Monday, Zacks.com reports. Roth Capital also issued estimates for Reddit’s Q1 2024 earnings at ($8.68) EPS, Q2 2024 earnings at ($0.56) EPS, Q3 2024 earnings at ($0.48) EPS, Q4 2024 earnings at ($0.25) EPS, FY2024 earnings at ($4.93) EPS and FY2025 earnings at ($1.00) EPS.

A number of other research firms have also weighed in on RDDT. Loop Capital initiated coverage on shares of Reddit in a research note on Monday. They issued a buy rating and a $55.00 price objective on the stock. Raymond James started coverage on shares of Reddit in a research note on Monday. They issued a strong-buy rating and a $50.00 price target on the stock. Citigroup started coverage on Reddit in a research report on Monday. They set a buy rating and a $53.00 price target for the company. JPMorgan Chase & Co. started coverage on Reddit in a research report on Monday. They set a neutral rating and a $47.00 price target for the company. Finally, Piper Sandler started coverage on Reddit in a research report on Monday. They set an overweight rating and a $50.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of 49.20.

Reddit Stock Performance

Reddit stock traded down 1.97 during mid-day trading on Monday, reaching 39.17. 2,144,459 shares of the company traded hands, compared to its average volume of 9,153,787. Reddit has a fifty-two week low of 38.70 and a fifty-two week high of 74.90.

Insider Activity

In other Reddit news, Director David C. Habiger acquired 3,000 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were acquired at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the acquisition, the director now owns 24,906 shares in the company, valued at approximately 846,804. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 97,965.90. Following the transaction, the chief accounting officer now owns 96,413 shares in the company, valued at approximately 3,114,139.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 purchased at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the purchase, the director now directly owns 24,906 shares in the company, valued at 846,804. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Trading of Reddit

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 5,664 shares of the company’s stock, valued at 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.