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

Piper Sandler reissued their overweight rating on shares of Reddit (NYSE:RDDT) in a report issued on Tuesday,Benzinga reports. The brokerage currently has a $150.00 price objective on the stock, up from their previous price objective of $115.00.

Other equities research analysts have also recently issued reports about the company. Bank of America lifted their price objective on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Needham & Company LLC upped their price target on Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group lifted their price objective on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. B. Riley reaffirmed a “buy” rating and issued a $112.00 target price (up previously from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Finally, JMP Securities boosted their price target on shares of Reddit from $84.00 to $118.00 and gave the company a “market outperform” rating in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and an average price target of $91.67.

Reddit Price Performance

Shares of NYSE:RDDT opened at $146.63 on Tuesday. Reddit has a 1-year low of $37.35 and a 1-year high of $158.49. The business has a 50-day moving average price of $92.06 and a two-hundred day moving average price of $71.24.

Reddit (NYSE:RDDT) last posted its quarterly 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. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The firm’s revenue for the quarter was up 67.9% on a year-over-year basis. On average, equities research analysts anticipate that Reddit will post -3.63 earnings per share for the current year.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 21,000 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $146.01, for a total transaction of $3,066,210.00. Following the completion of the transaction, the chief technology officer now directly owns 297,925 shares in the company, valued at $43,500,029.25. This represents a 6.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Benjamin Seong Lee sold 18,519 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the transaction, the insider now owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. This represents a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 306,520 shares of company stock worth $27,251,297.

Hedge Funds Weigh In On Reddit

Large investors have recently modified their holdings of the business. StoneCrest Wealth Management Inc. lifted its stake in Reddit by 2.6% in the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock valued at $451,000 after purchasing an additional 176 shares during the last quarter. Whittier Trust Co. acquired a new stake in Reddit in the 3rd quarter valued at about $42,000. SOA Wealth Advisors LLC. lifted its stake in Reddit by 56.3% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after purchasing an additional 691 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in Reddit in the 1st quarter valued at about $37,000. Finally, MML Investors Services LLC lifted its stake in Reddit by 12.0% in the 3rd quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock valued at $467,000 after purchasing an additional 757 shares during the last quarter.

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.