Needham & Company LLC Boosts Reddit (NYSE:RDDT) Price Target to $215.00

Key Points

• Needham & Company LLC has raised its price target for Reddit (NYSE: RDDT) from $165.00 to $215.00, indicating a potential upside of 33.43% from the previous close.
• Several other research firms have adjusted their price targets as well, with Morgan Stanley setting a target of $230.00 and Goldman Sachs affirming a $212.00 objective.
• Reddit's quarterly earnings showed significant growth, reporting a revenue increase of 77.9% year-over-year, with an earnings per share (EPS) of $0.45, surpassing analysts' expectations.

Reddit (NYSE:RDDT - Get Free Report) had its price objective raised by Needham & Company LLC from $165.00 to $215.00 in a report released on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's target price points to a potential upside of 33.43% from the company's previous close.

RDDT has been the subject of several other research reports. Roth Capital boosted their price target on shares of Reddit from $130.00 to $145.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Loop Capital dropped their price target on shares of Reddit from $210.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday, June 12th. Morgan Stanley raised their price target on shares of Reddit from $170.00 to $230.00 and gave the company an "overweight" rating in a research report on Friday. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $212.00 price objective on shares of Reddit in a research report on Friday. Finally, Truist Financial started coverage on shares of Reddit in a report on Monday, April 7th. They issued a "buy" rating and a $150.00 target price for the company. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $154.83.

Reddit Trading Up 7.9%

Shares of RDDT stock opened at $161.13 on Friday. Reddit has a twelve month low of $49.13 and a twelve month high of $230.41. The stock has a fifty day simple moving average of $135.22 and a two-hundred day simple moving average of $138.51. The stock has a market capitalization of $29.73 billion, a price-to-earnings ratio of 273.11, a P/E/G ratio of 3.81 and a beta of 2.33.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.45 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.25. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The company had revenue of $499.63 million during the quarter, compared to the consensus estimate of $424.07 million. During the same quarter in the previous year, the firm posted ($0.06) earnings per share. Reddit's revenue for the quarter was up 77.9% compared to the same quarter last year. Research analysts predict that Reddit will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 16,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $145.58, for a total value of $2,329,280.00. Following the sale, the chief technology officer owned 241,373 shares of the company's stock, valued at $35,139,081.34. This trade represents a 6.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Michelle Marie Reynolds sold 3,500 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $150.64, for a total value of $527,240.00. Following the transaction, the chief accounting officer owned 37,868 shares of the company's stock, valued at approximately $5,704,435.52. This represents a 8.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 506,809 shares of company stock valued at $61,884,325 in the last ninety days. 34.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ogborne Capital Management LLC bought a new stake in Reddit during the 4th quarter valued at about $11,539,000. Wells Fargo & Company MN lifted its position in Reddit by 909.3% in the 4th quarter. Wells Fargo & Company MN now owns 97,183 shares of the company's stock valued at $15,884,000 after acquiring an additional 87,554 shares in the last quarter. Voloridge Investment Management LLC raised its stake in shares of Reddit by 46.3% in the fourth quarter. Voloridge Investment Management LLC now owns 963,516 shares of the company's stock worth $157,477,000 after purchasing an additional 304,773 shares during the last quarter. FMR LLC lifted its holdings in shares of Reddit by 7.5% during the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after purchasing an additional 913,189 shares in the last quarter. Finally, Renaissance Capital LLC boosted its position in shares of Reddit by 10.9% during the first quarter. Renaissance Capital LLC now owns 34,636 shares of the company's stock valued at $3,633,000 after buying an additional 3,400 shares during the last quarter.

Reddit Company Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.

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