Reddit (NYSE:RDDT) Receives Overweight Rating from Piper Sandler

Reddit (NYSE:RDDT)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Piper Sandler in a note issued to investors on Wednesday, Benzinga reports. They presently have a $115.00 price objective on the stock, up from their prior price objective of $70.00. Piper Sandler’s target price indicates a potential upside of 0.24% from the company’s previous close.

Several other research analysts have also weighed in on RDDT. JMP Securities reiterated a “market outperform” rating and set a $84.00 target price on shares of Reddit in a report on Tuesday, July 30th. Loop Capital boosted their price objective on Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. raised their target price on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. Roth Mkm upped their price target on shares of Reddit from $66.00 to $89.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Sanford C. Bernstein raised their price objective on shares of Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.22.

Reddit Price Performance

RDDT stock traded up $32.99 during midday trading on Wednesday, reaching $114.73. The stock had a trading volume of 22,347,873 shares, compared to its average volume of 4,573,521. The business has a fifty day simple moving average of $66.61 and a two-hundred day simple moving average of $60.82. Reddit has a twelve month low of $37.35 and a twelve month high of $117.00.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit’s revenue for the quarter was up 67.9% compared to the same quarter last year. Research analysts expect that Reddit will post -4.05 EPS for the current year.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the transaction, the chief technology officer now directly owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $76.27, for a total value of $2,542,384.18. Following the transaction, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at $117,643,195.39. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total value of $387,400.00. Following the sale, the chief technology officer now owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 390,327 shares of company stock worth $23,503,224.

Hedge Funds Weigh In On Reddit

A number of large investors have recently made changes to their positions in RDDT. DekaBank Deutsche Girozentrale acquired a new position in Reddit in the 1st quarter valued at $7,363,000. Commonwealth Equity Services LLC acquired a new stake in Reddit in the 1st quarter worth about $1,111,000. VY Capital Management Co. Ltd. acquired a new stake in Reddit during the third quarter worth approximately $474,403,000. Claro Advisors LLC acquired a new position in Reddit in the 3rd quarter valued at $2,557,000. Finally, BNP Paribas Financial Markets bought a new stake in shares of Reddit during the 1st quarter valued at $37,000.

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.