Reddit (RDDT) – Investment Analysts’ Recent Ratings Changes

Several analysts have recently updated their ratings and price targets for Reddit (NYSE: RDDT):

• 10/14/2024 – Reddit had its price target raised by analysts at The Goldman Sachs Group, Inc. from $60.00 to $68.00. They now have a “neutral” rating on the stock.
• 10/10/2024 – Reddit had its price target raised by analysts at Raymond James from $70.00 to $80.00. They now have a “strong-buy” rating on the stock.
• 10/9/2024 – Reddit is now covered by analysts at Jefferies Financial Group Inc.. They set a “buy” rating and a $90.00 price target on the stock.
• 10/9/2024 – Reddit had its price target raised by analysts at Needham & Company LLC from $75.00 to $85.00. They now have a “buy” rating on the stock.
• 10/7/2024 – Reddit had its price target raised by analysts at JPMorgan Chase & Co. from $59.00 to $77.00. They now have a “neutral” rating on the stock.
• 9/20/2024 – Reddit is now covered by analysts at B. Riley. They set a “buy” rating and a $75.00 price target on the stock.
• 9/19/2024 – Reddit was upgraded by analysts at B. Riley to a “strong-buy” rating.
• 9/18/2024 – Reddit had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $75.00 price target on the stock.

Reddit Stock Up 0.1 %

Reddit stock traded up $0.07 during trading on Tuesday, reaching $74.94. The stock had a trading volume of 1,354,717 shares, compared to its average volume of 4,393,028. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $78.08. The business has a 50 day moving average price of $61.22 and a 200 day moving average price of $58.30.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. The firm’s revenue for the quarter was up 53.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.70) EPS. As a group, research analysts forecast that Reddit, Inc. will post -4.11 EPS for the current fiscal year.

Insider Activity

In related news, Director Mary Porter Gale sold 30,000 shares of Reddit stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.31, for a total value of $1,569,300.00. Following the transaction, the director now directly owns 71,459 shares in the company, valued at $3,738,020.29. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Mary Porter Gale sold 30,000 shares of Reddit stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.31, for a total value of $1,569,300.00. Following the transaction, the director now directly owns 71,459 shares in the company, valued at $3,738,020.29. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Monday, September 30th. The shares were sold at an average price of $66.20, for a total transaction of $926,800.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares in the company, valued at approximately $43,147,505. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 337,993 shares of company stock valued at $19,517,419 in the last ninety days.

Institutional Investors Weigh In On Reddit

Institutional investors have recently made changes to their positions in the stock. DekaBank Deutsche Girozentrale purchased a new stake in shares of Reddit in the 1st quarter worth about $7,363,000. Commonwealth Equity Services LLC purchased a new stake in shares of Reddit in the 1st quarter worth about $1,111,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit in the 1st quarter worth about $37,000. VY Capital Management Co. Ltd. purchased a new stake in shares of Reddit in the 3rd quarter worth about $474,403,000. Finally, Vanguard Group Inc. purchased a new stake in shares of Reddit in the 1st quarter worth about $82,167,000.

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.