Investment Analysts’ Weekly Ratings Changes for Reddit (RDDT)

Several analysts have recently updated their ratings and price targets for Reddit (NYSE: RDDT):

• 10/30/2024 – Reddit had its price target raised by analysts at Sanford C. Bernstein from $65.00 to $85.00. They now have an “underperform” rating on the stock.
• 10/30/2024 – Reddit had its “overweight” rating reaffirmed by analysts at Piper Sandler. They now have a $115.00 price target on the stock, up previously from $70.00.
• 10/30/2024 – Reddit had its price target raised by analysts at Bank of America Co. from $84.00 to $99.00. They now have a “neutral” rating on the stock.
• 10/30/2024 – Reddit had its price target raised by analysts at JMP Securities from $84.00 to $118.00. They now have a “market outperform” rating on the stock.
• 10/30/2024 – Reddit had its price target raised by analysts at Citigroup Inc. from $70.00 to $120.00. They now have a “buy” rating on the stock.
• 10/30/2024 – Reddit had its price target raised by analysts at Roth Mkm from $89.00 to $116.00. They now have a “buy” rating on the stock.
• 10/30/2024 – Reddit had its “buy” rating reaffirmed by analysts at B. Riley. They now have a $112.00 price target on the stock, up previously from $87.00.
• 10/30/2024 – Reddit had its price target raised by analysts at Needham & Company LLC from $85.00 to $120.00. They now have a “buy” rating on the stock.
• 10/25/2024 – Reddit had its price target raised by analysts at Loop Capital from $80.00 to $90.00. They now have a “buy” rating on the stock.
• 10/23/2024 – Reddit had its price target raised by analysts at Roth Mkm from $66.00 to $89.00. They now have a “buy” rating on the stock.
• 10/22/2024 – Reddit had its price target raised by analysts at Jefferies Financial Group Inc. from $90.00 to $100.00. They now have a “buy” rating on the stock.
• 10/21/2024 – Reddit had its price target raised by analysts at B. Riley from $75.00 to $87.00. They now have a “buy” rating on the stock.
• 10/14/2024 – Reddit had its price target raised by analysts at The Goldman Sachs Group, Inc. from $60.00 to $68.00. They now have a “neutral” rating on the stock.
• 10/10/2024 – Reddit had its price target raised by analysts at Raymond James from $70.00 to $80.00. They now have a “strong-buy” rating on the stock.
• 10/9/2024 – Reddit is now covered by analysts at Jefferies Financial Group Inc.. They set a “buy” rating and a $90.00 price target on the stock.
• 10/9/2024 – Reddit had its price target raised by analysts at Needham & Company LLC from $75.00 to $85.00. They now have a “buy” rating on the stock.
• 10/7/2024 – Reddit had its price target raised by analysts at JPMorgan Chase & Co. from $59.00 to $77.00. They now have a “neutral” rating on the stock.
• 9/20/2024 – Reddit is now covered by analysts at B. Riley. They set a “buy” rating and a $75.00 price target on the stock.
• 9/19/2024 – Reddit was upgraded by analysts at B. Riley to a “strong-buy” rating.
• 9/18/2024 – Reddit had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $75.00 price target on the stock.

Reddit Stock Down 3.5 %

Shares of Reddit stock opened at $109.03 on Tuesday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $123.60. The company has a fifty day moving average of $71.14 and a 200-day moving average of $62.90.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business’s revenue for the quarter was up 67.9% compared to the same quarter last year. Analysts predict that Reddit, Inc. will post -4.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, CFO Andrew Vollero sold 11,287 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total transaction of $722,368.00. Following the completion of the sale, the chief financial officer now owns 840,379 shares of the company’s stock, valued at $53,784,256. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Reddit news, CAO Michelle Marie Reynolds sold 12,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total value of $648,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 71,162 shares in the company, valued at approximately $3,842,748. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 11,287 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total transaction of $722,368.00. Following the completion of the transaction, the chief financial officer now owns 840,379 shares of the company’s stock, valued at $53,784,256. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 390,327 shares of company stock valued at $23,503,224 in the last quarter.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. StoneCrest Wealth Management Inc. raised its holdings in Reddit by 2.6% in the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after purchasing an additional 176 shares in the last quarter. Whittier Trust Co. bought a new position in shares of Reddit in the 3rd quarter worth about $42,000. BNP Paribas Financial Markets bought a new position in shares of Reddit in the 1st quarter worth about $37,000. Vestor Capital LLC increased its stake in shares of Reddit by 1.1% in the 3rd quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after acquiring an additional 922 shares in the last quarter. Finally, SOA Wealth Advisors LLC. bought a new position in shares of Reddit in the 2nd quarter worth about $78,000.

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.