Reddit (NYSE:RDDT – Get Free Report)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a report released on Friday, Benzinga reports. They currently have a $300.00 target price on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 87.58% from the stock’s previous close.
Several other analysts have also recently weighed in on RDDT. Citigroup restated a “market outperform” rating on shares of Reddit in a research report on Monday, August 24th. Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a research report on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft set a $200.00 price objective on shares of Reddit in a research report on Friday, July 31st. Robert W. Baird set a $185.00 target price on shares of Reddit in a research report on Friday, July 31st. Finally, UBS Group reiterated a “buy” rating on shares of Reddit in a research report 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $219.29.
View Our Latest Analysis on Reddit
Reddit Stock Performance
Reddit (NYSE:RDDT – Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.30. The firm had revenue of $804.91 million for the quarter, compared to analysts’ expectations of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The business’s quarterly revenue was up 61.0% on a year-over-year basis. During the same quarter last year, the company posted $0.45 EPS. As a group, research analysts anticipate that Reddit will post 5.27 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Reddit news, CEO Steve Huffman sold 17,308 shares of the firm’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 sale, the chief executive officer owned 336,432 shares of the company’s stock, valued at $48,738,903.84. This trade represents a 4.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer Wong sold 60,000 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $162.33, for a total transaction of $9,739,800.00. Following the completion of the sale, the chief operating officer directly owned 1,012,226 shares in the company, valued at approximately $164,314,646.58. This trade represents a 5.60% decrease in their position. 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 valued at $37,976,994 in the last quarter. Insiders own 28.48% of the company’s stock.
Institutional Investors Weigh In On Reddit
Large investors have recently modified their holdings of the stock. Sunbelt Securities Inc. boosted its stake in shares of Reddit by 87.5% during the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after purchasing an additional 91 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Reddit by 48.1% during the 2nd 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. Beacon Investment Advisory Services Inc. bought a new stake in shares of Reddit during the 2nd quarter valued at about $35,000. Ascentis Independent Advisors bought a new stake in shares of Reddit during the 1st quarter valued at about $30,000. Finally, Hager Investment Management Services LLC boosted its stake in Reddit by 522.2% during the second quarter. Hager Investment Management Services LLC now owns 280 shares of the company’s stock worth $49,000 after acquiring 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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