Needham & Company LLC Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT - Get Free Report) had its target price increased by research analysts at Needham & Company LLC from $135.00 to $145.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price target would suggest a potential upside of 22.46% from the stock's previous close.

Several other research firms have also recently issued reports on RDDT. Seaport Res Ptn upgraded Reddit to a "hold" rating in a research report on Thursday, February 6th. B. Riley increased their price target on shares of Reddit from $112.00 to $187.00 and gave the company a "buy" rating in a report on Tuesday, January 14th. Redburn Atlantic assumed coverage on shares of Reddit in a report on Monday, March 17th. They set a "sell" rating and a $75.00 price objective on the stock. Morgan Stanley dropped their target price on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Finally, Bank of America decreased their price target on Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $140.91.

Reddit Price Performance

NYSE:RDDT opened at $118.40 on Friday. The firm has a market cap of $21.42 billion, a price-to-earnings ratio of -15.32, a price-to-earnings-growth ratio of 4.72 and a beta of 2.89. Reddit has a 1-year low of $45.72 and a 1-year high of $230.41. The firm's fifty day moving average price is $117.75 and its 200 day moving average price is $142.96.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The business had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same period in the previous year, the business posted ($8.19) earnings per share. The business's revenue was up 61.5% compared to the same quarter last year. As a group, analysts expect that Reddit will post 1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Benjamin Seong Lee sold 92,299 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the transaction, the insider now owns 115,001 shares in the company, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 5,068 shares of Reddit stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $111.28, for a total transaction of $563,967.04. Following the transaction, the chief technology officer now directly owns 20,184 shares in the company, valued at approximately $2,246,075.52. This trade represents a 20.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 711,270 shares of company stock valued at $94,239,985 over the last quarter.

Institutional Trading of Reddit

Several large investors have recently added to or reduced their stakes in the stock. Plato Investment Management Ltd acquired a new stake in Reddit in the fourth quarter valued at approximately $27,000. CWM LLC boosted its holdings in Reddit by 100.0% in the first quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after purchasing an additional 128 shares during the period. EverSource Wealth Advisors LLC bought a new stake in shares of Reddit during the 4th quarter valued at about $28,000. Ridgewood Investments LLC boosted its position in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after buying an additional 100 shares during the period. Finally, Farmers & Merchants Investments Inc. bought a new position in shares of Reddit in the fourth quarter worth $33,000.

About Reddit

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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