Piper Sandler Reaffirms Overweight Rating for Reddit (NYSE:RDDT)

Piper Sandler reaffirmed their overweight rating on shares of Reddit (NYSE:RDDT) in a research note released on Thursday morning,Benzinga reports. The firm currently has a $210.00 price target on the stock, up from their prior price target of $197.00.

Several other research firms have also recently commented on RDDT. Guggenheim initiated coverage on Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 target price for the company. Wells Fargo & Company boosted their price objective on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday. JMP Securities raised their target price on shares of Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a report on Thursday. The Goldman Sachs Group boosted their price target on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Finally, Roth Mkm lowered shares of Reddit from a “buy” rating to a “neutral” rating and raised their price objective for the company from $116.00 to $195.00 in a report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has issued 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 a consensus price target of $175.45.

Reddit Price Performance

NYSE RDDT opened at $205.50 on Thursday. The firm has a 50 day simple moving average of $180.60 and a 200-day simple moving average of $117.29. Reddit has a one year low of $37.35 and a one year high of $230.41.

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

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of Reddit stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the transaction, the chief technology officer now owns 35,252 shares in the company, valued at approximately $6,491,655.80. This represents a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 245,357 shares of company stock worth $39,357,388 in the last quarter.

Institutional Trading of Reddit

A number of hedge funds have recently added to or reduced their stakes in RDDT. NewEdge Advisors LLC raised its position in Reddit by 446.8% during the 4th quarter. NewEdge Advisors LLC now owns 3,281 shares of the company’s stock worth $536,000 after buying an additional 2,681 shares during the last quarter. United Capital Financial Advisors LLC acquired a new stake in Reddit in the fourth quarter valued at about $218,000. Guggenheim Capital LLC purchased a new stake in Reddit in the 4th quarter valued at approximately $606,000. Portolan Capital Management LLC boosted its holdings in Reddit by 195.5% in the 4th quarter. Portolan Capital Management LLC now owns 131,622 shares of the company’s stock valued at $21,512,000 after purchasing an additional 87,080 shares in the last quarter. Finally, Mariner LLC increased its position in Reddit by 244.3% during the 4th quarter. Mariner LLC now owns 21,650 shares of the company’s stock worth $3,538,000 after purchasing an additional 15,361 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.