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

Reddit (NYSE:RDDT)‘s stock had its “overweight” rating reaffirmed by Piper Sandler in a report released on Tuesday,Benzinga reports. They presently have a $150.00 price objective on the stock, up from their previous price objective of $115.00. Piper Sandler’s price objective suggests a potential upside of 10.08% from the company’s previous close.

Several other equities analysts have also recently weighed in on the company. Roth Mkm raised their price objective on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Loop Capital lifted their price target on Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Jefferies Financial Group lifted their price target on Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Sanford C. Bernstein lifted their price target on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Finally, B. Riley reiterated a “buy” rating and set a $112.00 price target (up previously from $87.00) on shares of Reddit in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $91.67.

Reddit Trading Down 0.6 %

RDDT stock opened at $136.27 on Tuesday. The stock has a 50-day moving average price of $88.35 and a two-hundred day moving average price of $69.95. Reddit has a 1 year low of $37.35 and a 1 year high of $139.04.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company’s revenue was up 67.9% compared to the same quarter last year. As a group, equities research analysts forecast that Reddit will post -3.63 earnings per share for the current fiscal year.

Insider Activity

In other Reddit news, COO Jennifer L. Wong sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $100,275,129.57. The trade was a 3.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Steve Ladd Huffman sold 6,714 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were 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 of the company’s stock, valued at approximately $39,395,783.68. This represents a 1.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 267,001 shares of company stock worth $21,480,202.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RDDT. BNP Paribas Financial Markets acquired a new position in Reddit during the first quarter valued at approximately $37,000. Whittier Trust Co. acquired a new position in Reddit during the third quarter valued at approximately $42,000. SOA Wealth Advisors LLC. acquired a new position in Reddit during the second quarter valued at approximately $78,000. Sandia Investment Management LP acquired a new position in Reddit during the first quarter valued at approximately $79,000. Finally, Daiwa Securities Group Inc. acquired a new position in Reddit during the third quarter valued at approximately $85,000.

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.