Reddit (NYSE:RDDT – Get Free Report)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a report released on Friday, Benzinga reports. They presently have a $300.00 price objective on the stock. Needham & Company LLC’s target price would suggest a potential upside of 85.36% from the stock’s current price.
A number of other research analysts have also recently issued reports on RDDT. JPMorgan Chase & Co. reduced their price objective on shares of Reddit from $200.00 to $185.00 and set a “neutral” rating for the company in a report on Friday, July 31st. Raymond James Financial reiterated a “strong-buy” rating and set a $205.00 price objective on shares of Reddit in a report on Monday, August 17th. Citigroup restated a “market outperform” rating on shares of Reddit in a report on Monday, August 24th. Wall Street Zen cut shares of Reddit from a “buy” rating to a “hold” rating in a report on Sunday, August 9th. Finally, 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. 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 company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $219.29.
View Our Latest Stock Report on RDDT
Reddit Stock Performance
Reddit (NYSE:RDDT – Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.30. The firm had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The company’s quarterly revenue was up 61.0% on a year-over-year basis. During the same quarter last year, the business posted $0.45 earnings per share. As a group, sell-side analysts expect that Reddit will post 5.27 EPS for the current fiscal year.
Insider Activity at Reddit
In other Reddit news, CEO Steve Huffman sold 17,308 shares of the company’s stock in a transaction on Tuesday, September 29th. The shares were 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 directly owned 336,432 shares in the company, valued at approximately $48,738,903.84. This represents a 4.89% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert A. Sauerberg sold 5,128 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $159.92, for a total transaction of $820,069.76. Following the completion of the transaction, the director owned 27,087 shares of the company’s stock, valued at approximately $4,331,753.04. The trade was a 15.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 228,744 shares of company stock worth $37,976,994 in the last three months. 28.48% of the stock is owned by insiders.
Institutional Trading of Reddit
Several institutional investors have recently bought and sold shares of RDDT. Vilga Financial Planning LLC purchased a new position in shares of Reddit in the third quarter worth approximately $767,000. GAMMA Investing LLC raised its position in shares of Reddit by 298.2% during the third quarter. GAMMA Investing LLC now owns 2,007 shares of the company’s stock valued at $286,000 after buying an additional 1,503 shares during the last quarter. Elevation Wealth Partners LLC grew its holdings in shares of Reddit by 5,022.2% in the third quarter. Elevation Wealth Partners LLC now owns 461 shares of the company’s stock valued at $66,000 after purchasing an additional 452 shares in the last quarter. Family Legacy Financial Solutions LLC grew its holdings in shares of Reddit by 48.3% in the third quarter. Family Legacy Financial Solutions LLC now owns 3,070 shares of the company’s stock valued at $437,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Rhodes Investment Advisors Inc. ADV increased its position in Reddit by 4.6% during the third quarter. Rhodes Investment Advisors Inc. ADV now owns 5,020 shares of the company’s stock valued at $715,000 after acquiring an additional 220 shares during the last quarter.
Reddit Company Profile
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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