Reddit (NYSE:RDDT – Get Free Report)‘s stock had its “buy” rating restated by Needham & Company LLC in a research note issued on Friday, Benzinga reports. They currently have a $300.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 87.58% from the company’s current price.
Other analysts also recently issued reports about the stock. UBS Group reissued a “buy” rating on shares of Reddit in a report on Friday, July 31st. Oppenheimer decreased their price objective on shares of Reddit from $225.00 to $200.00 and set an “outperform” rating for the company in a research report on Friday, July 31st. Cantor Fitzgerald lowered their target price on shares of Reddit from $200.00 to $170.00 and set a “neutral” rating on the stock in a research note on Friday, July 31st. Evercore restated an “outperform” rating and set a $265.00 target price on shares of Reddit in a research report on Friday, July 31st. Finally, Telsey Advisory Group set a $240.00 price target on Reddit in a research note on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $219.29.
Read Our Latest Analysis on Reddit
Reddit Price Performance
Reddit (NYSE:RDDT – Get Free Report) last released 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. The business had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The business’s quarterly revenue was up 61.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 EPS. Research analysts expect that Reddit will post 5.27 earnings per share for the current year.
Insiders Place Their Bets
In related news, CEO Steve Huffman sold 18,000 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $178.16, for a total value of $3,206,880.00. Following the completion of the transaction, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $66,598,702.24. This represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert A. Sauerberg sold 5,128 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was 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 of the company’s stock, valued at approximately $4,331,753.04. This trade represents a 15.92% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 228,744 shares of company stock valued at $37,976,994. Insiders own 28.48% of the company’s stock.
Hedge Funds Weigh In On Reddit
A number of hedge funds have recently modified their holdings of the business. Vilga Financial Planning LLC acquired a new stake in shares of Reddit during the 3rd quarter worth about $767,000. GAMMA Investing LLC boosted its stake in Reddit by 298.2% during the third quarter. GAMMA Investing LLC now owns 2,007 shares of the company’s stock worth $286,000 after buying an additional 1,503 shares during the period. Elevation Wealth Partners LLC boosted its stake in Reddit by 5,022.2% during the third quarter. Elevation Wealth Partners LLC now owns 461 shares of the company’s stock worth $66,000 after buying an additional 452 shares during the period. Family Legacy Financial Solutions LLC increased its position in shares of Reddit by 48.3% during the third quarter. Family Legacy Financial Solutions LLC now owns 3,070 shares of the company’s stock valued at $437,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Rhodes Investment Advisors Inc. ADV increased its position in shares of 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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