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

Needham & Company LLC restated their buy rating on shares of Reddit (NYSE:RDDT) in a report published on Thursday, Benzinga reports. The firm currently has a $75.00 price target on the stock.

RDDT has been the topic of a number of other research reports. Piper Sandler raised their target price on Reddit from $65.00 to $70.00 and gave the company an overweight rating in a report on Wednesday. Sanford C. Bernstein raised their price objective on shares of Reddit from $45.00 to $50.00 and gave the stock an underperform rating in a research note on Monday, July 22nd. Morgan Stanley upped their target price on shares of Reddit from $63.00 to $70.00 and gave the company an equal weight rating in a research note on Tuesday, July 23rd. Bank of America increased their price target on shares of Reddit from $57.00 to $60.00 and gave the company a neutral rating in a report on Wednesday. Finally, Loop Capital upgraded Reddit from a hold rating to a buy rating and set a $75.00 price target on the stock in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Reddit presently has an average rating of Moderate Buy and an average target price of $65.56.

Reddit Stock Performance

Shares of RDDT stock traded down $2.03 during trading on Thursday, reaching $52.91. The company had a trading volume of 14,509,834 shares, compared to its average volume of 2,884,880. The stock has a 50 day moving average price of $63.12. Reddit has a one year low of $37.35 and a one year high of $78.08.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. During the same period in the prior year, the business earned ($0.70) EPS. The company’s revenue for the quarter was up 53.6% compared to the same quarter last year. On average, analysts forecast that Reddit will post -4.68 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, insider Benjamin Seong Lee sold 20,034 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $58.94, for a total transaction of $1,180,803.96. Following the sale, the insider now directly owns 259,312 shares of the company’s stock, valued at $15,283,849.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Reddit news, CEO Steve Ladd Huffman sold 42,299 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $58.94, for a total value of $2,493,103.06. Following the completion of the transaction, the chief executive officer now directly owns 689,157 shares of the company’s stock, valued at $40,618,913.58. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Benjamin Seong Lee sold 20,034 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $58.94, for a total transaction of $1,180,803.96. Following the transaction, the insider now owns 259,312 shares in the company, valued at $15,283,849.28. The disclosure for this sale can be found here. Insiders sold 192,689 shares of company stock worth $11,357,090 in the last quarter.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC bought a new position in Reddit in the 1st quarter valued at $27,000. BNP Paribas Financial Markets acquired a new position in shares of Reddit during the first quarter valued at $37,000. ANTIPODES PARTNERS Ltd bought a new position in Reddit in the first quarter valued at about $63,000. SOA Wealth Advisors LLC. acquired a new stake in Reddit in the second quarter worth about $78,000. Finally, Sandia Investment Management LP acquired a new position in Reddit during the 1st quarter valued at about $79,000.

Reddit Company Profile

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.