Reddit (NYSE:RDDT) Given “Overweight” Rating at Piper Sandler

Piper Sandler restated their overweight rating on shares of Reddit (NYSE:RDDT) in a report released on Tuesday,Benzinga reports. They currently have a $150.00 target price on the stock, up from their prior target price of $115.00.

Several other equities analysts also recently weighed in on RDDT. Roth Mkm raised their price target on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. JMP Securities raised their price target on Reddit from $84.00 to $118.00 and gave the stock a “market outperform” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. raised their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Citigroup raised their price target on Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, B. Riley reaffirmed a “buy” rating and issued a $112.00 price objective (up previously from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $91.67.

Reddit Stock Up 6.0 %

Shares of RDDT stock opened at $137.14 on Tuesday. The stock has a fifty day moving average price of $86.83 and a 200 day moving average price of $69.49. Reddit has a 1 year low of $37.35 and a 1 year high of $139.04.

Reddit (NYSE:RDDT) last released its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business’s revenue was up 67.9% compared to the same quarter last year. As a group, equities analysts forecast that Reddit will post -3.63 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 6,714 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $59.84, for a total transaction of $401,765.76. Following the transaction, the chief executive officer now owns 658,352 shares in the company, valued at $39,395,783.68. The trade was a 1.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mary Porter Gale sold 5,000 shares of the business’s 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 252,187 shares of company stock valued at $18,252,235.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RDDT. BNP Paribas Financial Markets acquired a new position in shares of Reddit in the first quarter worth about $37,000. Whittier Trust Co. acquired a new position in shares of Reddit in the third quarter worth about $42,000. SOA Wealth Advisors LLC. acquired a new position in shares of Reddit in the second quarter worth about $78,000. Sandia Investment Management LP acquired a new position in shares of Reddit in the first quarter worth about $79,000. Finally, Daiwa Securities Group Inc. acquired a new position in shares of Reddit in the third quarter worth about $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.