Reddit (NYSE:RDDT) Receives Buy Rating from B. Riley

B. Riley restated their buy rating on shares of Reddit (NYSE:RDDTFree Report) in a report released on Wednesday, Benzinga reports. They currently have a $112.00 price objective on the stock, up from their previous price objective of $87.00.

Several other equities research analysts have also issued reports on RDDT. Jefferies Financial Group boosted their price target on shares of Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Morgan Stanley increased their price target on shares of Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $115.00 price objective (up from $70.00) on shares of Reddit in a report on Wednesday. Bank of America increased their target price on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, The Goldman Sachs Group upped their price target on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $89.72.

Read Our Latest Report on RDDT

Reddit Stock Down 5.3 %

Shares of NYSE RDDT opened at $112.98 on Wednesday. Reddit has a 12 month low of $37.35 and a 12 month high of $123.60. The business’s 50 day moving average is $70.13 and its two-hundred day moving average is $62.27.

Reddit (NYSE:RDDTGet Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The company’s revenue was up 67.9% on a year-over-year basis. On average, equities research analysts expect that Reddit will post -4.05 EPS for the current year.

Insider Transactions at Reddit

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred 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 sale, the chief technology officer now directly owns 30,068 shares in the company, valued at $2,329,668.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Reddit news, CFO Andrew Vollero sold 11,287 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the completion of the transaction, the chief financial officer now directly owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of Reddit stock in a transaction dated 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 in the company, valued at $2,329,668.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 390,327 shares of company stock worth $23,503,224 in the last three months.

Institutional Trading of Reddit

A number of large investors have recently bought and sold shares of RDDT. BNP Paribas Financial Markets acquired a new position in shares of Reddit in the first quarter valued at approximately $37,000. Whittier Trust Co. acquired a new position in Reddit in the 3rd quarter worth $42,000. ANTIPODES PARTNERS Ltd acquired a new position in Reddit in the 1st quarter worth $63,000. SOA Wealth Advisors LLC. bought a new position in Reddit during the 2nd quarter worth about $78,000. Finally, Sandia Investment Management LP acquired a new stake in shares of Reddit in the 1st quarter valued at about $79,000.

About Reddit

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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.

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Analyst Recommendations for Reddit (NYSE:RDDT)

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