Reddit (NYSE:RDDT) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Reddit (NYSE:RDDT) in a research note issued to investors on Wednesday, Benzinga reports. Needham & Company LLC currently has a $75.00 target price on the stock.

A number of other brokerages also recently weighed in on RDDT. Piper Sandler upped their price objective on shares of Reddit from $65.00 to $70.00 and gave the stock an overweight rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price target on Reddit from $67.00 to $59.00 and set a neutral rating for the company in a report on Wednesday, August 7th. Bank of America increased their price target on Reddit from $57.00 to $60.00 and gave the stock a neutral rating in a research report on Wednesday, August 7th. Raymond James boosted their price objective on Reddit from $65.00 to $70.00 and gave the company a strong-buy rating in a research report on Wednesday, July 31st. Finally, Cannonball Research initiated coverage on Reddit in a research report on Tuesday, August 6th. They set a buy rating and a $67.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Reddit presently has an average rating of Moderate Buy and a consensus target price of $65.56.

Reddit Price Performance

Shares of NYSE:RDDT opened at $63.67 on Wednesday. Reddit has a 12-month low of $37.35 and a 12-month high of $78.08. The firm has a 50 day moving average of $59.74.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. During the same period last year, the firm earned ($0.70) earnings per share. Reddit’s revenue for the quarter was up 53.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Reddit will post -4.17 EPS for the current year.

Insider Activity

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total transaction of $755,720.00. Following the transaction, the chief executive officer now owns 672,352 shares of the company’s stock, valued at $36,293,560.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total transaction of $755,720.00. Following the transaction, the chief executive officer now directly owns 672,352 shares of the company’s stock, valued at $36,293,560.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Michelle Marie Reynolds sold 12,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total transaction of $648,000.00. Following the completion of the transaction, the chief accounting officer now owns 71,162 shares in the company, valued at $3,842,748. The disclosure for this sale can be found here. Insiders sold 251,706 shares of company stock worth $13,896,591 over the last ninety days.

Institutional Investors Weigh In On Reddit

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets purchased a new stake in Reddit in the 1st quarter valued at about $37,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Reddit during the second quarter valued at about $78,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Reddit in the 1st quarter valued at approximately $63,000. UMB Bank n.a. acquired a new position in shares of Reddit in the 2nd quarter worth approximately $88,000. Finally, Sandia Investment Management LP purchased a new position in shares of Reddit during the 1st quarter worth approximately $79,000.

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.