Reddit (NYSE:RDDT – Get Free Report)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a note issued to investors on Friday, Benzinga reports. They currently have a $300.00 price objective on the stock. Needham & Company LLC’s price target points to a potential upside of 87.31% from the stock’s previous close.
Other equities analysts have also recently issued research reports about the company. BNP Paribas Exane assumed coverage on Reddit in a report on Friday, September 18th. They issued a “neutral” rating and a $180.00 target price for the company. Zacks Research lowered Reddit from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 25th. Cantor Fitzgerald dropped their price target on Reddit from $200.00 to $170.00 and set a “neutral” rating on the stock in a research note on Friday, July 31st. B. Riley Financial upped their target price on Reddit from $250.00 to $270.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Finally, Citigroup reissued a “market outperform” rating on shares of Reddit in a report on Monday, August 24th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $219.29.
Check Out Our Latest Stock Report on Reddit
Reddit Trading Up 2.4%
Reddit (NYSE:RDDT – Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The firm had revenue of $804.91 million for the quarter, compared to analysts’ expectations of $731.00 million. During the same period in the prior year, the firm posted $0.45 earnings per share. The company’s quarterly revenue was up 61.0% on a year-over-year basis. Analysts predict that Reddit will post 5.27 earnings per share for the current year.
Insider Buying and Selling at Reddit
In other Reddit news, CEO Steve Huffman sold 17,308 shares of Reddit stock in a transaction that occurred on 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 sale, 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 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 Sauerberg sold 5,128 shares of Reddit stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $159.92, for a total value of $820,069.76. Following the completion of the sale, the director directly owned 27,087 shares in the company, valued at $4,331,753.04. This represents a 15.92% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 228,744 shares of company stock valued at $37,976,994. 28.48% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in RDDT. Sunbelt Securities Inc. raised its position in Reddit by 87.5% in the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after purchasing an additional 91 shares during the period. EverSource Wealth Advisors LLC grew its stake in Reddit by 48.1% in the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after purchasing an additional 64 shares in the last quarter. Beacon Investment Advisory Services Inc. acquired a new position in Reddit in the second quarter worth about $35,000. Ascentis Independent Advisors acquired a new position in Reddit in the first quarter worth about $30,000. Finally, Hager Investment Management Services LLC grew its stake in Reddit by 522.2% in the second quarter. Hager Investment Management Services LLC now owns 280 shares of the company’s stock worth $49,000 after purchasing an additional 235 shares in 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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