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

Reddit (NYSE:RDDT)‘s stock had its “overweight” rating reaffirmed by equities researchers at Piper Sandler in a research note issued on Thursday,Benzinga reports. They presently have a $210.00 price target on the stock, up from their previous price target of $197.00. Piper Sandler’s price objective would indicate a potential upside of 6.94% from the company’s current price.

A number of other equities analysts have also commented on the company. Roth Capital lowered Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Citigroup boosted their price target on Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Wells Fargo & Company increased their price objective on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday. Bank of America boosted their target price on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Needham & Company LLC increased their price target on shares of Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $175.45.

Reddit Price Performance

RDDT stock opened at $196.37 on Thursday. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The stock has a market capitalization of $34.48 billion and a price-to-earnings ratio of -25.40. The business’s fifty day moving average price is $181.65 and its two-hundred day moving average price is $117.91.

Reddit (NYSE:RDDT) last issued its quarterly earnings data 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%. Research analysts expect that Reddit will post -3.45 EPS for the current year.

Insider Buying and Selling at Reddit

In related news, insider Benjamin Seong Lee sold 18,519 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total value of $2,704,885.14. Following the sale, the insider now directly owns 138,401 shares in the company, valued at $20,214,850.06. This represents a 11.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $197,635,015.41. The trade was a 2.12 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 245,357 shares of company stock worth $39,357,388.

Institutional Investors Weigh In On Reddit

Large investors have recently modified their holdings of the company. Ridgewood Investments LLC lifted its holdings in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares during the period. Proficio Capital Partners LLC lifted its stake in shares of Reddit by 2.1% in the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock valued at $966,000 after purchasing an additional 120 shares during the period. Farther Finance Advisors LLC boosted its position in shares of Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after purchasing an additional 147 shares in the last quarter. UMB Bank n.a. grew its stake in Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after purchasing an additional 150 shares during the period. Finally, Foundations Investment Advisors LLC increased its holdings in Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after purchasing an additional 155 shares in 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.