Analysts’ Weekly Ratings Updates for Reddit (RDDT)

Reddit (NYSE: RDDT) has recently received a number of price target changes and ratings updates:

• 12/11/2024 – Reddit is now covered by analysts at Wells Fargo & Company. They set an “overweight” rating and a $206.00 price target on the stock.
• 12/11/2024 – Reddit had its price target raised by analysts at Robert W. Baird from $100.00 to $160.00. They now have a “neutral” rating on the stock.
• 12/11/2024 – Reddit had its price target raised by analysts at Needham & Company LLC from $120.00 to $190.00. They now have a “buy” rating on the stock.
• 12/9/2024 – Reddit was upgraded by analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating. They now have a $200.00 price target on the stock, up previously from $70.00.
• 12/2/2024 – Reddit had its price target raised by analysts at Loop Capital from $120.00 to $180.00. They now have a “buy” rating on the stock.
• 11/25/2024 – Reddit had its price target raised by analysts at JMP Securities from $118.00 to $160.00. They now have a “market outperform” rating on the stock.
• 11/25/2024 – Reddit had its price target raised by analysts at Jefferies Financial Group Inc. from $120.00 to $175.00. They now have a “buy” rating on the stock.
• 11/19/2024 – Reddit had its “overweight” rating reaffirmed by analysts at Piper Sandler. They now have a $150.00 price target on the stock, up previously from $115.00.
• 10/30/2024 – Reddit had its price target raised by analysts at Sanford C. Bernstein from $65.00 to $85.00. They now have an “underperform” rating on the stock.
• 10/30/2024 – Reddit had its “overweight” rating reaffirmed by analysts at Piper Sandler. They now have a $115.00 price target on the stock, up previously from $70.00.
• 10/30/2024 – Reddit had its price target raised by analysts at Bank of America Co. from $84.00 to $99.00. They now have a “neutral” rating on the stock.
• 10/30/2024 – Reddit had its price target raised by analysts at JMP Securities from $84.00 to $118.00. They now have a “market outperform” rating on the stock.
• 10/30/2024 – Reddit had its price target raised by analysts at Citigroup Inc. from $70.00 to $120.00. They now have a “buy” rating on the stock.
• 10/30/2024 – Reddit had its price target raised by analysts at Roth Mkm from $89.00 to $116.00. They now have a “buy” rating on the stock.
• 10/30/2024 – Reddit had its “buy” rating reaffirmed by analysts at B. Riley. They now have a $112.00 price target on the stock, up previously from $87.00.
• 10/30/2024 – Reddit had its price target raised by analysts at Needham & Company LLC from $85.00 to $120.00. They now have a “buy” rating on the stock.
• 10/25/2024 – Reddit had its price target raised by analysts at Loop Capital from $80.00 to $90.00. They now have a “buy” rating on the stock.
• 10/23/2024 – Reddit had its price target raised by analysts at Roth Mkm from $66.00 to $89.00. They now have a “buy” rating on the stock.
• 10/22/2024 – Reddit had its price target raised by analysts at Jefferies Financial Group Inc. from $90.00 to $100.00. They now have a “buy” rating on the stock.
• 10/21/2024 – Reddit had its price target raised by analysts at B. Riley from $75.00 to $87.00. They now have a “buy” rating on the stock.

Reddit Price Performance

RDDT opened at $172.65 on Monday. The company’s 50 day moving average is $117.99 and its 200 day moving average is $81.58. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $180.74.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping 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 firm had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit’s revenue for the quarter was up 67.9% compared to the same quarter last year. Equities analysts forecast that Reddit, Inc. will post -3.46 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other news, insider Benjamin Seong Lee sold 18,519 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the completion of the transaction, the insider now directly owns 138,401 shares in the company, valued at approximately $20,214,850.06. This represents a 11.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $66.20, for a total transaction of $926,800.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares in the company, valued at $43,147,505. This represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 278,311 shares of company stock valued at $28,394,483 over the last ninety days.

Institutional Trading of Reddit

Hedge funds have recently made changes to their positions in the business. Whittier Trust Co. purchased a new stake in Reddit during the third quarter valued at approximately $42,000. Daiwa Securities Group Inc. bought a new stake in Reddit in the third quarter worth $85,000. UMB Bank n.a. bought a new position in Reddit during the second quarter valued at $88,000. SOA Wealth Advisors LLC. raised its stake in shares of Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after acquiring an additional 691 shares during the period. Finally, Sanctuary Advisors LLC bought a new stake in shares of Reddit in the 3rd quarter worth about $144,000.

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.