Reddit’s (RDDT) “Buy” Rating Reiterated at B. Riley

B. Riley reaffirmed their buy rating on shares of Reddit (NYSE:RDDT) in a report released on Wednesday, Benzinga reports. They currently have a $112.00 price objective on the stock, up from their previous price objective of $87.00.

Other equities research analysts have also recently issued research reports about the company. Sanford C. Bernstein upped their price objective on Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Monday, July 22nd. Morgan Stanley upped their price target on shares of Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group increased their price target on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Piper Sandler restated an “overweight” rating and set a $115.00 price objective (up from $70.00) on shares of Reddit in a research note on Wednesday. Finally, Raymond James raised their target price on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $89.72.

Reddit Stock Performance

Shares of RDDT opened at $112.98 on Wednesday. Reddit has a 12 month low of $37.35 and a 12 month high of $123.60. The firm has a fifty day simple moving average of $70.13 and a 200 day simple moving average of $62.27.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The company’s revenue was up 67.9% compared to the same quarter last year. Equities research analysts anticipate that Reddit will post -4.05 earnings per share for the current year.

Insider Activity at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of Reddit 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 owns 30,068 shares in the company, valued at $2,329,668.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Mary Porter Gale sold 15,000 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the sale, the director now directly owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the transaction, the chief technology officer now owns 30,068 shares in the company, valued at $2,329,668.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 390,327 shares of company stock worth $23,503,224.

Institutional Investors Weigh In On Reddit

A number of large investors have recently bought and sold shares of the company. VY Capital Management Co. Ltd. acquired a new position in shares of Reddit in the 3rd quarter valued at approximately $474,403,000. Inclusive Capital Partners L.P. bought a new stake in Reddit during the first quarter worth $103,051,000. Vanguard Group Inc. bought a new stake in Reddit during the first quarter worth $82,167,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of Reddit in the 1st quarter valued at $37,015,000. Finally, Blackstone Inc. bought a new position in shares of Reddit in the 1st quarter valued at $36,990,000.

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.