Reddit (NYSE:RDDT) Given “Overweight” Rating at Piper Sandler

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

Other research analysts also recently issued reports about the stock. Citigroup boosted their target price on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Raymond James boosted their price objective on Reddit from $200.00 to $250.00 and gave the company a “strong-buy” rating in a report on Monday. Needham & Company LLC raised their target price on Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday. Loop Capital lifted their price target on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. Finally, Seaport Res Ptn upgraded Reddit to a “hold” rating in a research report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $175.45.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $205.50 on Thursday. Reddit has a 52-week low of $37.35 and a 52-week high of $230.41. The business has a 50-day moving average price of $180.60 and a 200-day moving average price of $117.29.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping 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%. Analysts forecast that Reddit will post -3.45 EPS for the current year.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 5,000 shares of Reddit stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the transaction, the chief technology officer now owns 35,252 shares in the company, valued at $6,491,655.80. The trade was a 12.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $124,083,012.24. The trade was a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 245,357 shares of company stock worth $39,357,388 over the last quarter.

Hedge Funds Weigh In On Reddit

Large investors have recently modified their holdings of the business. Plato Investment Management Ltd purchased a new stake in Reddit in the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit in the 4th quarter valued at approximately $28,000. Ridgewood Investments LLC lifted its holdings in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit during the 4th quarter worth approximately $33,000. Finally, Bogart Wealth LLC purchased a new position in shares of Reddit during the 4th quarter worth approximately $33,000.

About Reddit

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.