Reddit (NYSE:RDDT – Get Free Report)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research report issued on Friday, Benzinga reports. They currently have a $300.00 price objective on the stock. Needham & Company LLC’s price target would indicate a potential upside of 85.81% from the company’s previous close.
Several other brokerages also recently weighed in on RDDT. Telsey Advisory Group set a $240.00 price target on shares of Reddit in a research report on Friday, July 31st. Jefferies Financial Group set a $250.00 price target on shares of Reddit in a research report on Friday, July 10th. DA Davidson reduced their price target on shares of Reddit from $200.00 to $185.00 and set a “buy” rating for the company in a research report on Friday, September 18th. Piper Sandler reaffirmed an “overweight” rating and issued a $195.00 target price (down from $215.00) on shares of Reddit in a research report on Friday, July 31st. Finally, Guggenheim reaffirmed a “buy” rating on shares of Reddit in a research report on Wednesday, September 16th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $219.29.
Read Our Latest Stock Analysis on Reddit
Reddit Stock Up 3.2%
Reddit (NYSE:RDDT – Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.95 by $0.30. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The business had revenue of $804.91 million during the quarter, compared to analyst estimates of $731.00 million. During the same period last year, the business posted $0.45 earnings per share. Reddit’s quarterly revenue was up 61.0% compared to the same quarter last year. Equities analysts forecast that Reddit will post 5.27 earnings per share for the current year.
Insider Transactions at Reddit
In other news, Director Robert Sauerberg sold 5,128 shares of the business’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $159.92, for a total value of $820,069.76. Following the sale, the director directly owned 27,087 shares in the company, valued at $4,331,753.04. The trade was a 15.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Steve Huffman sold 17,308 shares of the company’s stock in a transaction dated Tuesday, September 29th. The shares were sold at an average price of $144.87, for a total transaction of $2,507,409.96. Following the transaction, the chief executive officer owned 336,432 shares in the company, valued at $48,738,903.84. The trade was a 4.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 228,744 shares of company stock worth $37,976,994 in the last three months. Insiders own 28.48% of the company’s stock.
Hedge Funds Weigh In On Reddit
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Evansbrook LLC boosted its stake in shares of Reddit by 2.2% during the first quarter. Evansbrook LLC now owns 2,736 shares of the company’s stock valued at $368,000 after purchasing an additional 59 shares in the last quarter. Signaturefd LLC boosted its stake in shares of Reddit by 7.6% during the second quarter. Signaturefd LLC now owns 878 shares of the company’s stock valued at $152,000 after purchasing an additional 62 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Reddit by 48.1% during the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock valued at $34,000 after purchasing an additional 64 shares in the last quarter. Diversified Trust Co boosted its stake in shares of Reddit by 2.1% during the first quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock valued at $440,000 after purchasing an additional 68 shares in the last quarter. Finally, Versant Capital Management Inc boosted its stake in shares of Reddit by 31.1% during the second quarter. Versant Capital Management Inc now owns 291 shares of the company’s stock valued at $51,000 after purchasing an additional 69 shares in the last quarter.
About Reddit
Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and experiences. Registered users can submit posts, images, videos and links, while other users can comment, vote on content and engage in discussions. The platform comprises thousands of independently moderated communities, commonly known as subreddits.
Reddit generates revenue primarily through digital advertising and other commercial offerings for businesses.
Featured Articles
- Five stocks we like better than Reddit
- Palantir’s Rally Puts Wall Street in Catch-Up Mode Ahead of November Earnings
- Tilray Finds a Path to Growth Without Waiting on U.S. Cannabis Reform
- Arista Networks Plugs Into All-Time Highs
- Microsoft Is Almost Back to $555—Now the Hard Part Begins
Receive News & Ratings for Reddit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reddit and related companies with MarketBeat.com's FREE daily email newsletter.
