Reddit (NYSE:RDDT – Get Free Report)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a research note issued to investors on Friday, Benzinga reports. They presently have a $300.00 target price on the stock. Needham & Company LLC’s price target indicates a potential upside of 91.50% from the stock’s current price.
Other analysts have also issued research reports about the company. Telsey Advisory Group set a $240.00 price objective on Reddit in a research note on Friday, July 31st. JPMorgan Chase & Co. cut their price target on shares of Reddit from $200.00 to $185.00 and set a “neutral” rating on the stock in a report on Friday, July 31st. DA Davidson cut their price target on shares of Reddit from $200.00 to $185.00 and set a “buy” rating on the stock in a report on Friday, September 18th. Sanford C. Bernstein reissued a “market perform” rating and issued a $180.00 price target on shares of Reddit in a report on Friday, July 31st. Finally, Evercore reissued an “outperform” rating and issued a $265.00 price target on shares of Reddit in a report on Friday, July 31st. Two investment 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 company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $219.29.
Read Our Latest Analysis on Reddit
Reddit Stock Performance
Reddit (NYSE:RDDT – Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.95 by $0.30. The firm had revenue of $804.91 million for the quarter, compared to the consensus estimate of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The business’s revenue was up 61.0% compared to the same quarter last year. During the same period last year, the firm posted $0.45 earnings per share. On average, research analysts predict that Reddit will post 5.27 EPS for the current year.
Insider Activity at Reddit
In other Reddit news, CEO Steve Huffman sold 17,308 shares of the business’s stock in a transaction dated Tuesday, September 29th. The stock was sold at an average price of $144.87, for a total value of $2,507,409.96. Following the completion of the transaction, the chief executive officer owned 336,432 shares of the company’s stock, valued at approximately $48,738,903.84. The trade was a 4.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert A. Sauerberg sold 5,128 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $159.92, for a total value of $820,069.76. Following the completion of the transaction, the director directly owned 27,087 shares of the company’s stock, valued at approximately $4,331,753.04. This trade represents a 15.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 228,744 shares of company stock worth $37,976,994 over the last quarter. Corporate insiders own 28.48% of the company’s stock.
Hedge Funds Weigh In On Reddit
Hedge funds have recently bought and sold shares of the business. State Street Corp raised its position in Reddit by 8.7% in the 2nd quarter. State Street Corp now owns 2,979,587 shares of the company’s stock worth $517,197,000 after buying an additional 237,523 shares during the last quarter. Lord Abbett & CO. LLC raised its position in Reddit by 30.3% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,263,529 shares of the company’s stock worth $290,447,000 after buying an additional 293,743 shares during the last quarter. Wellington Management Group LLP raised its position in Reddit by 21.8% in the 2nd quarter. Wellington Management Group LLP now owns 1,564,535 shares of the company’s stock worth $271,572,000 after buying an additional 280,030 shares during the last quarter. DSM Capital Partners LLC increased its position in shares of Reddit by 5.3% during the 1st quarter. DSM Capital Partners LLC now owns 848,206 shares of the company’s stock valued at $114,211,000 after purchasing an additional 42,808 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Reddit by 8.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 481,893 shares of the company’s stock valued at $83,647,000 after purchasing an additional 39,540 shares during 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.
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