Reddit’s (RDDT) “Buy” Rating Reaffirmed at Needham & Company LLC

Reddit (NYSE:RDDT)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a report released on Friday,Benzinga reports. They currently have a $220.00 price objective on the stock. Needham & Company LLC’s price objective suggests a potential upside of 102.44% from the company’s previous close.

RDDT has been the topic of a number of other reports. JPMorgan Chase & Co. raised their price objective on shares of Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Guggenheim dropped their price objective on shares of Reddit from $210.00 to $170.00 and set a “buy” rating on the stock in a report on Thursday. Redburn Atlantic assumed coverage on shares of Reddit in a report on Monday. They set a “sell” rating and a $75.00 price objective on the stock. Robert W. Baird raised their price objective on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Finally, Citigroup reiterated a “neutral” rating on shares of Reddit in a research note on Thursday, February 13th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $162.68.

Reddit Stock Performance

RDDT opened at $108.68 on Friday. The firm’s fifty day moving average is $172.23 and its two-hundred day moving average is $134.23. The firm has a market cap of $19.66 billion and a PE ratio of -14.06. Reddit has a twelve month low of $37.35 and a twelve month high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Equities analysts forecast that Reddit will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 11,000 shares of Reddit stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $169.85, for a total transaction of $1,868,350.00. Following the completion of the sale, the chief technology officer now owns 324,837 shares of the company’s stock, valued at approximately $55,173,564.45. The trade was a 3.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $101,577,760.02. The trade was a 2.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 503,794 shares of company stock valued at $78,350,874.

Institutional Trading of Reddit

A number of institutional investors have recently bought and sold shares of RDDT. Prospera Financial Services Inc bought a new stake in Reddit in the 3rd quarter valued at about $248,000. Charles Schwab Investment Management Inc. boosted its holdings in Reddit by 194.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company’s stock valued at $33,179,000 after purchasing an additional 332,604 shares during the period. GM Advisory Group LLC bought a new stake in Reddit in the 3rd quarter valued at about $255,000. Meridian Wealth Management LLC boosted its holdings in Reddit by 29.7% in the 3rd quarter. Meridian Wealth Management LLC now owns 45,650 shares of the company’s stock valued at $3,009,000 after purchasing an additional 10,466 shares during the period. Finally, Cerity Partners LLC bought a new stake in Reddit in the 3rd quarter valued at about $446,000.

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.