Needham & Company LLC Reaffirms “Buy” Rating for Reddit (NYSE:RDDT)

Reddit (NYSE:RDDT)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report released on Friday,Benzinga reports. They presently have a $220.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 90.54% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. JMP Securities raised their price target on Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research report on Thursday, February 13th. The Goldman Sachs Group lifted their price objective on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Robert W. Baird lifted their price objective on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Finally, Wells Fargo & Company lifted their price objective on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Reddit has an average rating of “Hold” and a consensus price target of $162.68.

Reddit Trading Up 6.2 %

Shares of NYSE RDDT opened at $115.46 on Friday. The stock has a fifty day simple moving average of $171.19 and a two-hundred day simple moving average of $135.16. Reddit has a 1-year low of $37.35 and a 1-year high of $230.41. The firm has a market cap of $20.89 billion and a price-to-earnings ratio of -14.94.

Reddit (NYSE:RDDT) last announced its quarterly earnings data 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 24.71% and a negative net margin of 37.25%. Analysts forecast that Reddit will post 1.12 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred 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 owns 614,394 shares in the company, valued at $124,083,012.24. This represents a 2.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Benjamin Seong Lee sold 92,299 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the sale, the insider now owns 115,001 shares in the company, valued at $18,095,407.35. The trade was a 44.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 503,794 shares of company stock worth $78,350,874.

Institutional Trading of Reddit

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System grew its stake in shares of Reddit by 126.6% in the 4th quarter. California State Teachers Retirement System now owns 48,380 shares of the company’s stock worth $7,907,000 after buying an additional 27,032 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Reddit in the 4th quarter worth approximately $2,208,000. Kilter Group LLC purchased a new stake in Reddit during the 4th quarter valued at $928,000. Castle Rock Wealth Management LLC purchased a new stake in Reddit during the 4th quarter valued at $789,000. Finally, Brooklyn FI LLC purchased a new stake in Reddit during the 4th quarter valued at $6,339,000.

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.