Reddit’s (RDDT) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Reddit (NYSE:RDDT) in a research note published on Wednesday morning, Benzinga reports. They currently have a $75.00 target price on the stock.

RDDT has been the topic of several other reports. Roth Mkm lowered their price objective on Reddit from $67.00 to $66.00 and set a buy rating on the stock in a research report on Wednesday, August 7th. Bank of America increased their price objective on shares of Reddit from $57.00 to $60.00 and gave the stock a neutral rating in a research report on Wednesday, August 7th. Loop Capital upgraded Reddit from a hold rating to a buy rating and set a $75.00 target price for the company in a research report on Thursday, August 1st. JPMorgan Chase & Co. reduced their price target on Reddit from $67.00 to $59.00 and set a neutral rating on the stock in a report on Wednesday, August 7th. Finally, Morgan Stanley upped their price objective on shares of Reddit from $63.00 to $70.00 and gave the stock an equal weight rating in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $65.56.

Reddit Stock Up 2.9 %

Reddit stock opened at $63.67 on Wednesday. Reddit has a 12-month low of $37.35 and a 12-month high of $78.08. The business has a 50 day moving average price of $59.74.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to the consensus estimate of $253.86 million. The firm’s revenue for the quarter was up 53.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.70) earnings per share. Analysts forecast that Reddit will post -4.17 EPS for the current year.

Insider Activity at Reddit

In other Reddit news, Director Mary Porter Gale sold 30,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $52.31, for a total value of $1,569,300.00. Following the completion of the sale, the director now owns 71,459 shares of the company’s stock, valued at $3,738,020.29. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Reddit news, Director Mary Porter Gale sold 30,000 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.31, for a total value of $1,569,300.00. Following the completion of the transaction, the director now owns 71,459 shares of the company’s stock, valued at $3,738,020.29. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total transaction of $1,799,648.67. Following the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $83,277,253.43. The disclosure for this sale can be found here. Insiders have sold 251,706 shares of company stock valued at $13,896,591 in the last ninety days.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RDDT. BNP Paribas Financial Markets purchased a new stake in Reddit in the first quarter valued at approximately $37,000. SOA Wealth Advisors LLC. acquired a new stake in Reddit during the 2nd quarter valued at approximately $78,000. ANTIPODES PARTNERS Ltd acquired a new stake in Reddit during the 1st quarter valued at approximately $63,000. UMB Bank n.a. purchased a new stake in shares of Reddit in the 2nd quarter valued at $88,000. Finally, Sandia Investment Management LP acquired a new stake in shares of Reddit in the first quarter worth $79,000.

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.