Reddit (NYSE:RDDT) Coverage Initiated by Analysts at Jefferies Financial Group

Equities researchers at Jefferies Financial Group began coverage on shares of Reddit (NYSE:RDDT) in a research note issued on Wednesday, Briefing.com reports. The firm set a “buy” rating and a $90.00 price target on the stock. Jefferies Financial Group’s target price would indicate a potential upside of 27.15% from the stock’s current price.

RDDT has been the topic of a number of other research reports. B. Riley assumed coverage on shares of Reddit in a report on Friday, September 20th. They issued a “buy” rating and a $75.00 price objective on the stock. Piper Sandler lifted their price target on shares of Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Cannonball Research began coverage on Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective for the company. Roth Mkm lowered their target price on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, Needham & Company LLC upped their price target on Reddit from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Reddit has an average rating of “Moderate Buy” and an average price target of $69.00.

Reddit Trading Up 0.5 %

Shares of RDDT opened at $70.78 on Wednesday. The firm has a fifty day simple moving average of $60.13 and a two-hundred day simple moving average of $57.90. Reddit has a 1-year low of $37.35 and a 1-year high of $78.08.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. The firm’s revenue was up 53.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.70) EPS. As a group, analysts forecast that Reddit will post -4.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Andrew Vollero sold 11,287 shares of Reddit stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the sale, the chief financial officer now directly owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Andrew Vollero sold 11,287 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total value of $722,368.00. Following the sale, the chief financial officer now owns 840,379 shares in the company, valued at approximately $53,784,256. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mary Porter Gale sold 30,000 shares of the stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the transaction, the director now owns 71,459 shares of the company’s stock, valued at $3,738,020.29. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 337,993 shares of company stock worth $19,517,419 in the last 90 days.

Institutional Investors Weigh In On Reddit

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDDT. DekaBank Deutsche Girozentrale bought a new position in shares of Reddit during the 1st quarter valued at approximately $7,363,000. Commonwealth Equity Services LLC purchased a new position in Reddit during the first quarter worth $1,111,000. BNP Paribas Financial Markets bought a new position in Reddit during the first quarter valued at $37,000. Vanguard Group Inc. purchased a new stake in shares of Reddit in the first quarter valued at $82,167,000. Finally, Maverick Capital Ltd. lifted its holdings in shares of Reddit by 147.4% in the 2nd quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock worth $47,416,000 after acquiring an additional 442,145 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.