Reddit (NYSE:RDDT) Earns Buy Rating from Needham & Company LLC

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

Several other research firms have also issued reports on RDDT. JPMorgan Chase & Co. decreased their price target on shares of Reddit from $67.00 to $59.00 and set a neutral rating on the stock in a research report on Wednesday, August 7th. 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 report on Wednesday, August 7th. JMP Securities restated a market outperform rating and issued a $84.00 price target on shares of Reddit in a research report on Tuesday, July 30th. Sanford C. Bernstein lifted their price target on shares of Reddit from $45.00 to $50.00 and gave the stock an underperform rating in a research report on Monday, July 22nd. Finally, Bank of America lifted their price target on shares of Reddit from $57.00 to $60.00 and gave the stock a neutral rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $66.12.

Reddit Trading Up 2.5 %

NYSE RDDT opened at $66.17 on Wednesday. Reddit has a 12 month low of $37.35 and a 12 month high of $78.08. The company’s 50 day moving average is $59.47.

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 company had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. Reddit’s revenue was up 53.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.70) EPS. Sell-side analysts predict that Reddit will post -4.17 EPS for the current fiscal year.

Insider Activity

In other 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 transaction of $722,368.00. Following the transaction, the chief financial officer now directly owns 840,379 shares in the company, valued at approximately $53,784,256. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Mary Porter Gale sold 15,000 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $52.73, for a total value of $790,950.00. Following the completion of the sale, the director now directly owns 101,459 shares in the company, valued at $5,349,933.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 sale, the chief financial officer now owns 840,379 shares of the company’s stock, valued at $53,784,256. The disclosure for this sale can be found here. Insiders have sold a total of 262,993 shares of company stock worth $14,618,959 in the last ninety days.

Institutional Investors Weigh In On Reddit

A number of large investors have recently bought and sold shares of RDDT. Inclusive Capital Partners L.P. bought a new stake in Reddit in the first quarter worth $103,051,000. Vanguard Group Inc. bought a new stake in Reddit in the first quarter worth $82,167,000. Price T Rowe Associates Inc. MD bought a new stake in Reddit in the first quarter worth $37,015,000. Blackstone Inc. bought a new stake in Reddit during the first quarter valued at about $36,990,000. Finally, Marshall Wace LLP boosted its holdings in Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after acquiring an additional 457,588 shares during the period.

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.