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

Needham & Company LLC reissued their buy rating on shares of Reddit (NYSE:RDDT) in a research note published on Thursday, Benzinga reports. The brokerage currently has a $75.00 price objective on the stock.

Other equities analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Reddit from $62.00 to $65.00 and gave the company a buy rating in a research note on Friday, May 17th. Roth Mkm decreased their price target on shares of Reddit from $67.00 to $66.00 and set a buy rating on the stock in a report on Wednesday. Cannonball Research assumed coverage on Reddit in a research note on Tuesday, August 6th. They set a buy rating and a $67.00 price objective for the company. JPMorgan Chase & Co. reduced their target price on Reddit from $67.00 to $59.00 and set a neutral rating for the company in a research report on Wednesday. Finally, Roth Capital reaffirmed a buy rating on shares of Reddit in a report on Monday, April 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $65.56.

Reddit Trading Down 3.7 %

Shares of RDDT stock traded down $2.03 during trading on Thursday, reaching $52.91. 14,509,834 shares of the company’s stock traded hands, compared to its average volume of 2,884,880. The stock has a 50-day moving average price of $63.12. 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 results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. During the same period in the previous year, the business earned ($0.70) earnings per share. Reddit’s revenue was up 53.6% on a year-over-year basis. On average, equities analysts predict that Reddit will post -4.68 EPS for the current year.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 42,299 shares of the business’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $58.94, for a total value of $2,493,103.06. Following the completion of the sale, the chief executive officer now owns 689,157 shares of the company’s stock, valued at approximately $40,618,913.58. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Reddit news, CFO Andrew Vollero sold 50,580 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $58.94, for a total value of $2,981,185.20. Following the transaction, the chief financial officer now owns 631,080 shares in the company, valued at $37,195,855.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 42,299 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $58.94, for a total transaction of $2,493,103.06. Following the transaction, the chief executive officer now directly owns 689,157 shares of the company’s stock, valued at $40,618,913.58. The disclosure for this sale can be found here. Insiders sold a total of 192,689 shares of company stock worth $11,357,090 over the last three months.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RDDT. Renaissance Technologies LLC bought a new stake in shares of Reddit in the 2nd quarter worth approximately $13,411,000. WINTON GROUP Ltd purchased a new stake in Reddit in the second quarter worth $467,000. Jupiter Asset Management Ltd. bought a new stake in Reddit in the second quarter valued at $2,233,000. Pier Capital LLC purchased a new position in Reddit during the 2nd quarter valued at $8,213,000. Finally, Victory Capital Management Inc. bought a new position in Reddit in the 2nd quarter worth $3,209,000.

About Reddit

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.