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

Reddit (NYSE:RDDT)‘s stock had its “overweight” rating reaffirmed by stock analysts at Piper Sandler in a research report issued on Wednesday, Benzinga reports. They currently have a $115.00 price target on the stock, up from their previous price target of $70.00. Piper Sandler’s price target would indicate a potential upside of 0.24% from the company’s current price.

Several other equities analysts also recently commented on RDDT. Needham & Company LLC increased their target price on Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday. Jefferies Financial Group lifted their target price on shares of Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Bank of America upped their price target on shares of Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research report on Wednesday. JMP Securities reiterated a “market outperform” rating and set a $84.00 price target on shares of Reddit in a report on Tuesday, July 30th. Finally, Loop Capital increased their price objective on Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus price target of $80.22.

Reddit Trading Up 40.4 %

Shares of RDDT traded up $32.99 during mid-day trading on Wednesday, reaching $114.73. The company had a trading volume of 22,347,873 shares, compared to its average volume of 4,573,521. The company’s 50 day simple moving average is $66.61 and its 200 day simple moving average is $60.82. Reddit has a 1-year low of $37.35 and a 1-year high of $117.00.

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

Insider Transactions at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the sale, the chief technology officer now directly 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Andrew Vollero sold 11,287 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 390,327 shares of company stock worth $23,503,224 in the last quarter.

Institutional Trading of Reddit

Several hedge funds have recently made changes to their positions in the company. VY Capital Management Co. Ltd. bought a new stake in shares of Reddit in the third quarter valued at approximately $474,403,000. Inclusive Capital Partners L.P. bought a new stake in shares of Reddit during the 1st quarter valued at $103,051,000. Vanguard Group Inc. bought a new position in Reddit in the 1st quarter worth about $82,167,000. Bank of New York Mellon Corp grew its holdings in Reddit by 10.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after buying an additional 153,282 shares in the last quarter. Finally, Marshall Wace LLP increased its position in shares of 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 buying 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.