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

Reddit (NYSE:RDDT)‘s stock had its “overweight” rating reiterated by research analysts at Piper Sandler in a report released on Tuesday,Benzinga reports. They currently have a $150.00 price target on the stock, up from their prior price target of $115.00. Piper Sandler’s target price would indicate a potential upside of 12.34% from the stock’s current price.

A number of other equities analysts have also recently issued reports on RDDT. Morgan Stanley increased their price objective on shares of Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. raised their price target on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. The Goldman Sachs Group boosted their price target on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. JMP Securities lifted their price objective on Reddit from $84.00 to $118.00 and gave the company a “market outperform” rating in a report on Wednesday, October 30th. Finally, Loop Capital boosted their target price on shares of Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.67.

Reddit Stock Up 3.2 %

RDDT stock traded up $4.10 during trading on Tuesday, reaching $133.52. 3,016,956 shares of the stock were exchanged, compared to its average volume of 4,856,818. The stock has a 50 day simple moving average of $85.22 and a 200-day simple moving average of $68.85. Reddit has a twelve month low of $37.35 and a twelve month high of $139.04.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company’s revenue was up 67.9% compared to the same quarter last year. On average, research analysts anticipate that Reddit will post -3.63 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $113.13, for a total value of $1,583,820.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares of the company’s stock, valued at $73,735,305.75. The trade was a 2.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mary Porter Gale sold 5,000 shares of Reddit stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $114.40, for a total value of $572,000.00. Following the transaction, the director now owns 46,459 shares in the company, valued at approximately $5,314,909.60. This represents a 9.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 238,187 shares of company stock worth $16,488,515.

Institutional Investors Weigh In On Reddit

A number of hedge funds have recently modified their holdings of RDDT. BNP Paribas Financial Markets bought a new stake in Reddit during the 1st quarter worth approximately $37,000. Whittier Trust Co. acquired a new stake in shares of Reddit during the third quarter worth $42,000. SOA Wealth Advisors LLC. bought a new stake in Reddit in the 2nd quarter valued at $78,000. Sandia Investment Management LP bought a new stake in Reddit in the 1st quarter valued at $79,000. Finally, Daiwa Securities Group Inc. acquired a new position in Reddit in the 3rd quarter worth $85,000.

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.