Reddit (NYSE:RDDT - Get Free Report) had its price objective boosted by analysts at Needham & Company LLC from $145.00 to $165.00 in a research report issued on Wednesday, Marketbeat Ratings reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's target price would suggest a potential upside of 10.20% from the company's current price.
A number of other brokerages also recently commented on RDDT. Piper Sandler reiterated an "overweight" rating and set a $150.00 price target (up from $140.00) on shares of Reddit in a report on Friday, May 2nd. JMP Securities reaffirmed a "market outperform" rating and set a $180.00 price target on shares of Reddit in a research report on Friday, May 2nd. The Goldman Sachs Group boosted their target price on shares of Reddit from $124.00 to $140.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Wall Street Zen raised shares of Reddit from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. Finally, Truist Financial assumed coverage on shares of Reddit in a report on Monday, April 7th. They issued a "buy" rating and a $150.00 price target on the stock. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Reddit presently has an average rating of "Moderate Buy" and an average target price of $144.13.
Check Out Our Latest Stock Report on RDDT
Reddit Stock Up 1.1%
Shares of NYSE RDDT traded up $1.60 during midday trading on Wednesday, hitting $149.73. The company had a trading volume of 4,495,742 shares, compared to its average volume of 6,198,616. Reddit has a twelve month low of $49.13 and a twelve month high of $230.41. The business has a 50-day simple moving average of $131.22 and a two-hundred day simple moving average of $138.99. The firm has a market capitalization of $27.63 billion, a price-to-earnings ratio of 253.78, a price-to-earnings-growth ratio of 3.80 and a beta of 2.33.
Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.02 by $0.11. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The firm had revenue of $392.36 million during the quarter, compared to analysts' expectations of $370.55 million. During the same quarter last year, the business earned ($8.19) earnings per share. The business's revenue for the quarter was up 61.5% compared to the same quarter last year. On average, equities analysts forecast that Reddit will post 1.12 EPS for the current year.
Insider Activity
In related news, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $142.06, for a total value of $4,735,428.04. Following the completion of the transaction, the chief operating officer owned 1,428,007 shares in the company, valued at $202,862,674.42. This represents a 2.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Andrew Vollero sold 30,000 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $117.64, for a total transaction of $3,529,200.00. Following the completion of the transaction, the chief financial officer owned 333,806 shares of the company's stock, valued at $39,268,937.84. This represents a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 506,809 shares of company stock worth $61,884,325 over the last ninety days. Insiders own 34.25% of the company's stock.
Hedge Funds Weigh In On Reddit
Institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC lifted its holdings in Reddit by 100.0% in the 1st quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after acquiring an additional 128 shares during the last quarter. Stone House Investment Management LLC acquired a new stake in Reddit in the 1st quarter valued at about $31,000. Tucker Asset Management LLC acquired a new stake in Reddit in the 4th quarter valued at about $39,000. Geneos Wealth Management Inc. lifted its holdings in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock valued at $39,000 after acquiring an additional 286 shares during the last quarter. Finally, Canton Hathaway LLC acquired a new stake in Reddit in the 1st quarter valued at about $43,000.
Reddit Company Profile
(
Get Free Report)
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.
Further Reading
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