Reddit (NYSE:RDDT) Stock Rating Reaffirmed by Needham & Company LLC

Reddit (NYSE:RDDTGet Free Report)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a report issued on Wednesday, Benzinga reports. They currently have a $75.00 target price on the stock. Needham & Company LLC’s target price would indicate a potential upside of 21.18% from the company’s previous close.

Several other equities research analysts have also recently issued reports on RDDT. JPMorgan Chase & Co. reduced their target price on Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Cannonball Research began coverage on Reddit in a report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price target for the company. Roth Mkm decreased their price objective on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Loop Capital upgraded Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research report on Thursday, August 1st. Finally, Piper Sandler boosted 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. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.56.

Read Our Latest Research Report on Reddit

Reddit Stock Performance

NYSE RDDT opened at $61.89 on Wednesday. Reddit has a 12 month low of $37.35 and a 12 month high of $78.08. The business has a 50 day simple moving average of $59.86.

Reddit (NYSE:RDDTGet Free Report) last issued its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million for the quarter, compared to the consensus estimate 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 company posted ($0.70) EPS. As a group, equities analysts forecast that Reddit will post -4.17 earnings per share for the current year.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 6,714 shares of Reddit stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $59.84, for a total transaction of $401,765.76. Following the completion of the sale, the chief executive officer now owns 658,352 shares in the company, valued at approximately $39,395,783.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Reddit news, CEO Steve Ladd Huffman sold 6,714 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $59.84, for a total transaction of $401,765.76. Following the transaction, the chief executive officer now directly owns 658,352 shares in the company, valued at approximately $39,395,783.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Michelle Marie Reynolds sold 8,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $60.00, for a total value of $480,000.00. Following the completion of the sale, the chief accounting officer now owns 66,238 shares of the company’s stock, valued at $3,974,280. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 204,373 shares of company stock worth $11,095,284.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RDDT. BNP Paribas Financial Markets purchased a new stake in shares of Reddit in the 1st quarter worth approximately $37,000. SOA Wealth Advisors LLC. bought a new stake in Reddit during the 2nd quarter valued at $78,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of Reddit in the 1st quarter valued at $63,000. UMB Bank n.a. bought a new position in shares of Reddit in the 2nd quarter worth $88,000. Finally, Sandia Investment Management LP purchased a new stake in shares of Reddit during the 1st quarter worth $79,000.

About Reddit

(Get Free Report)

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.

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Analyst Recommendations for Reddit (NYSE:RDDT)

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