Reddit’s (RDDT) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Reddit (NYSE:RDDTFree Report) in a report released on Wednesday morning, Benzinga reports. The brokerage currently has a $115.00 target price on the stock, up from their previous target price of $70.00.

A number of other brokerages have also commented on RDDT. JMP Securities reaffirmed a “market outperform” rating and issued a $84.00 price target on shares of Reddit in a research note on Tuesday, July 30th. Bank of America raised their price target on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday. Cannonball Research began coverage on Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price target for the company. Sanford C. Bernstein raised their price target on Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Monday, July 22nd. Finally, Needham & Company LLC raised their price target on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven 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 currently has an average rating of “Moderate Buy” and an average price target of $89.72.

Check Out Our Latest Report on RDDT

Reddit Price Performance

NYSE:RDDT opened at $112.98 on Wednesday. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $123.60. The business has a 50 day moving average price of $70.13 and a 200-day moving average price of $62.12.

Reddit (NYSE:RDDTGet Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit’s revenue was up 67.9% compared to the same quarter last year. As a group, research analysts forecast that Reddit will post -4.05 earnings per share for the current year.

Insider Activity

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

Institutional Investors Weigh In On Reddit

Several large investors have recently bought and sold shares of the business. Whittier Trust Co. bought a new stake in shares of Reddit during the 3rd quarter valued at about $42,000. BNP Paribas Financial Markets bought a new stake in shares of Reddit during the 1st quarter valued at about $37,000. SOA Wealth Advisors LLC. bought a new stake in shares of Reddit during the 2nd quarter valued at about $78,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of Reddit during the 1st quarter valued at about $63,000. Finally, UMB Bank n.a. purchased a new position in shares of Reddit during the 2nd quarter valued at about $88,000.

Reddit Company Profile

(Get Free Report)

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.

Featured Stories

Analyst Recommendations for Reddit (NYSE:RDDT)

Receive News & Ratings for Reddit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reddit and related companies with MarketBeat.com's FREE daily email newsletter.