Reddit’s (RDDT) “Overweight” Rating Reiterated at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Reddit (NYSE:RDDT) in a research report report published on Thursday,Benzinga reports. They currently have a $210.00 price target on the stock, up from their prior price target of $197.00.

Several other equities analysts also recently weighed in on RDDT. Morgan Stanley lifted their target price on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday. Guggenheim started coverage on Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective for the company. Needham & Company LLC lifted their price objective on Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday. Bank of America lifted their price objective on Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday. Finally, The Goldman Sachs Group lifted their price objective on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $175.45.

Reddit Stock Down 4.2 %

NYSE RDDT opened at $196.37 on Thursday. The stock has a 50-day moving average of $182.33 and a two-hundred day moving average of $118.85. Reddit has a 1-year low of $37.35 and a 1-year high of $230.41.

Reddit (NYSE:RDDT) last released its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. On average, sell-side analysts forecast that Reddit will post -3.45 EPS for the current year.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $128.13, for a total value of $4,270,957.29. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares in the company, valued at $197,635,015.41. This represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 245,357 shares of company stock valued at $39,357,388.

Hedge Funds Weigh In On Reddit

A number of large investors have recently modified their holdings of the company. Bwcp LP purchased a new position in shares of Reddit in the 4th quarter worth about $6,376,000. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Reddit during the 4th quarter valued at about $226,000. Palestra Capital Management LLC purchased a new stake in shares of Reddit during the 4th quarter valued at about $59,271,000. Comerica Bank raised its holdings in shares of Reddit by 122,300.0% during the 4th quarter. Comerica Bank now owns 3,672 shares of the company’s stock valued at $600,000 after buying an additional 3,669 shares during the period. Finally, Voleon Capital Management LP purchased a new stake in shares of Reddit during the 4th quarter valued at about $12,878,000.

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.