Reddit’s (RDDT) “Buy” Rating Reiterated at Needham & Company LLC

Reddit (NYSE:RDDT)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a research report issued on Wednesday, Benzinga reports. They presently have a $75.00 price objective on the stock. Needham & Company LLC’s target price suggests a potential upside of 16.23% from the company’s previous close.

RDDT has been the topic of a number of other research reports. Loop Capital raised Reddit from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research report on Thursday, August 1st. Morgan Stanley raised their price target on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Sanford C. Bernstein raised their price target on Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, July 22nd. Cannonball Research initiated coverage on Reddit in a report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective for the company. Finally, Roth Mkm decreased their price objective on Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $65.56.

Reddit Trading Up 1.4 %

NYSE:RDDT opened at $64.53 on Wednesday. Reddit has a 1-year low of $37.35 and a 1-year high of $78.08. The firm has a 50-day moving average of $59.63.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The business had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. The company’s revenue for the quarter was up 53.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.70) EPS. Research analysts anticipate that Reddit will post -4.17 EPS for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $59.19, for a total value of $828,660.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at $38,578,562.25. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $59.19, for a total value of $828,660.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at $38,578,562.25. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Benjamin Seong Lee sold 45,807 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93. Following the completion of the sale, the insider now directly owns 194,473 shares of the company’s stock, valued at $10,499,597.27. The disclosure for this sale can be found here. Insiders sold a total of 251,706 shares of company stock worth $13,896,591 over the last ninety days.

Institutional Trading of Reddit

A number of hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets acquired a new stake in shares of Reddit in the first quarter valued at approximately $37,000. SOA Wealth Advisors LLC. acquired a new stake in Reddit during the 2nd quarter worth approximately $78,000. ANTIPODES PARTNERS Ltd acquired a new stake in Reddit during the 1st quarter worth approximately $63,000. UMB Bank n.a. acquired a new stake in Reddit during the 2nd quarter worth approximately $88,000. Finally, Sandia Investment Management LP acquired a new stake in 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.