Reddit's (RDDT) Buy Rating Reaffirmed at Roth Capital

Roth Capital reiterated their buy rating on shares of Reddit (NYSE:RDDT - Free Report) in a report published on Monday, Zacks.com reports. Roth Capital also issued estimates for Reddit's Q1 2024 earnings at ($8.68) EPS, Q2 2024 earnings at ($0.56) EPS, Q3 2024 earnings at ($0.48) EPS, Q4 2024 earnings at ($0.25) EPS, FY2024 earnings at ($4.93) EPS and FY2025 earnings at ($1.00) EPS.

Several other analysts have also weighed in on RDDT. Roth Mkm assumed coverage on shares of Reddit in a research note on Monday. They set a buy rating and a $50.00 target price for the company. JPMorgan Chase & Co. initiated coverage on shares of Reddit in a research report on Monday. They set a neutral rating and a $47.00 price target for the company. JMP Securities initiated coverage on shares of Reddit in a research report on Monday. They set an outperform rating and a $53.00 price target for the company. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Reddit in a research report on Tuesday. They set a buy rating and a $50.00 price target for the company. Finally, Loop Capital initiated coverage on shares of Reddit in a research report on Monday. They set a buy rating and a $55.00 price target for the company. One analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of 49.20.

Reddit Trading Down 4.8 %

RDDT stock traded down 1.97 during trading on Monday, hitting 39.17. 2,153,800 shares of the company's stock traded hands, compared to its average volume of 9,157,905. Reddit has a 52 week low of 38.70 and a 52 week high of 74.90.

Insider Activity at Reddit

In related news, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 5,975,500.00. Following the completion of the transaction, the chief technology officer now owns 413,684 shares in the company, valued at approximately 13,361,993.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Reddit news, CEO Steve Ladd Huffman sold 500,000 shares of the company's stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 16,150,000.00. Following the completion of the sale, the chief executive officer now directly owns 710,306 shares of the company's stock, valued at approximately 22,942,883.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 185,000 shares of the company's stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the completion of the sale, the chief technology officer now directly owns 413,684 shares of the company's stock, valued at 13,361,993.20. The disclosure for this sale can be found here. Insiders sold 1,084,798 shares of company stock worth $35,038,975 in the last 90 days.

Institutional Investors Weigh In On Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 5,664 shares of the company's stock, valued at approximately $279,000.

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.