Roth Capital Reiterates Buy Rating for Reddit (NYSE:RDDT)

Roth Capital reaffirmed their buy rating on shares of Reddit (NYSE:RDDT) in a research note issued to investors on Monday morning, Zacks.com reports. Roth Capital also issued estimates for Reddit’s Q1 2024 earnings at ($8.68) EPS, Q2 2024 earnings at ($0.56) EPS, Q3 2024 earnings at ($0.48) EPS, Q4 2024 earnings at ($0.25) EPS, FY2024 earnings at ($4.93) EPS and FY2025 earnings at ($1.00) EPS.

Several other research firms have also issued reports on RDDT. Sanford C. Bernstein began coverage on Reddit in a research note on Thursday, April 4th. They set an underperform rating and a $40.00 target price on the stock. Raymond James began coverage on Reddit in a research report on Monday. They set a strong-buy rating and a $50.00 target price on the stock. Needham & Company LLC began coverage on Reddit in a research report on Monday. They set a buy rating and a $55.00 target price on the stock. Bank of America assumed coverage on Reddit in a research report on Tuesday. They set a neutral rating and a $46.00 target price on the stock. Finally, Roth Mkm assumed coverage on Reddit in a research note on Monday. They set a buy rating and a $50.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of 49.20.

Reddit Trading Up 6.5 %

Shares of RDDT opened at 41.72 on Monday. Reddit has a one year low of 37.35 and a one year high of 74.90.

Insider Buying and Selling

In other Reddit news, CAO Michelle Marie Reynolds sold 3,033 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 97,965.90. Following the completion of the transaction, the chief accounting officer now directly owns 96,413 shares of the company’s stock, valued at approximately 3,114,139.90. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 5,975,500.00. Following the completion of the sale, the chief technology officer now owns 413,684 shares in the company, valued at 13,361,993.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Michelle Marie Reynolds sold 3,033 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 97,965.90. Following the completion of the sale, the chief accounting officer now owns 96,413 shares of the company’s stock, valued at approximately 3,114,139.90. The disclosure for this sale can be found here. Insiders sold 1,084,798 shares of company stock valued at $35,038,975 in the last three months.

Hedge Funds Weigh In On Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC bought a new stake in Reddit, Inc. (NYSE:RDDT) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 5,664 shares of the company’s stock, valued at approximately $279,000.

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.