Reddit’s (RDDT) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Reddit (NYSE:RDDT) in a report published on Friday morning,Benzinga reports. Needham & Company LLC currently has a $300.00 target price on the stock.

RDDT has been the subject of a number of other research reports. Robert W. Baird set a $185.00 price target on shares of Reddit in a research note on Friday, July 31st. Citigroup restated a “market outperform” rating on shares of Reddit in a research report on Monday, August 24th. Wall Street Zen downgraded shares of Reddit from a “buy” rating to a “hold” rating in a report on Sunday, August 9th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $205.00 price objective on shares of Reddit in a report on Monday, August 17th. Finally, Evercore reiterated an “outperform” rating and issued a $265.00 target price on shares of Reddit in a research report on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, Reddit has an average rating of “Moderate Buy” and an average price target of $219.29.

Reddit Trading Up 0.0%

Shares of NYSE RDDT opened at $159.93 on Friday. Reddit has a 12 month low of $119.27 and a 12 month high of $263.50. The firm has a market capitalization of $30.77 billion, a price-to-earnings ratio of 37.19, a PEG ratio of 0.74 and a beta of 2.05. The business has a 50-day moving average of $154.32 and a 200-day moving average of $160.74.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.30. The company had revenue of $804.91 million for the quarter, compared to analysts’ expectations of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. Reddit’s revenue for the quarter was up 61.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.45 earnings per share. On average, analysts predict that Reddit will post 5.27 earnings per share for the current year.

Insider Buying and Selling

In other Reddit news, Director Robert Sauerberg sold 5,128 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $159.92, for a total value of $820,069.76. Following the completion of the sale, the director owned 27,087 shares of the company’s stock, valued at $4,331,753.04. This represents a 15.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Huffman sold 17,308 shares of the company’s stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $144.87, for a total value of $2,507,409.96. Following the completion of the sale, the chief executive officer directly owned 336,432 shares of the company’s stock, valued at approximately $48,738,903.84. This represents a 4.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 228,744 shares of company stock worth $37,976,994 in the last quarter. 28.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Reddit

Hedge funds have recently made changes to their positions in the business. Sunbelt Securities Inc. lifted its position in Reddit by 87.5% in the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after purchasing an additional 91 shares during the last quarter. Ascentis Independent Advisors purchased a new stake in shares of Reddit during the first quarter valued at approximately $30,000. EverSource Wealth Advisors LLC grew its holdings in shares of Reddit by 48.1% in the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after purchasing an additional 64 shares during the last quarter. Beacon Investment Advisory Services Inc. bought a new position in shares of Reddit in the second quarter worth approximately $35,000. Finally, V Square Quantitative Management LLC bought a new position in shares of Reddit in the first quarter worth approximately $43,000.

Reddit Company Profile

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and experiences. Registered users can submit posts, images, videos and links, while other users can comment, vote on content and engage in discussions. The platform comprises thousands of independently moderated communities, commonly known as subreddits.

Reddit generates revenue primarily through digital advertising and other commercial offerings for businesses.