Reddit (NYSE:RDDT) Earns “Buy” Rating from Needham & Company LLC

Reddit (NYSE:RDDT)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a report released on Friday,Benzinga reports. They currently have a $220.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 90.54% from the stock’s previous close.

Several other equities analysts have also recently weighed in on the company. Wells Fargo & Company increased their price target on Reddit from $206.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Roth Capital cut Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. Robert W. Baird raised their target price on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Citigroup reiterated a “neutral” rating on shares of Reddit in a research note on Thursday, February 13th. Finally, Bank of America increased their price target on Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $162.68.

Reddit Trading Up 6.2 %

Shares of RDDT opened at $115.46 on Friday. The business’s fifty day simple moving average is $171.19 and its two-hundred day simple moving average is $135.16. The company has a market cap of $20.89 billion and a price-to-earnings ratio of -14.94. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. As a group, research analysts forecast that Reddit will post 1.12 EPS for the current year.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $101,577,760.02. The trade was a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David C. Habiger purchased 774 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were bought at an average cost of $130.36 per share, with a total value of $100,898.64. Following the purchase, the director now directly owns 30,808 shares of the company’s stock, valued at approximately $4,016,130.88. This represents a 2.58 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 503,794 shares of company stock valued at $78,350,874.

Hedge Funds Weigh In On Reddit

Large investors have recently bought and sold shares of the business. Plato Investment Management Ltd bought a new position in Reddit in the fourth quarter worth approximately $27,000. EverSource Wealth Advisors LLC bought a new position in Reddit in the fourth quarter worth approximately $28,000. Ridgewood Investments LLC raised its stake in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. bought a new position in Reddit in the fourth quarter worth approximately $33,000. Finally, Bogart Wealth LLC bought a new position in Reddit in the fourth quarter worth approximately $33,000.

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.