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

Needham & Company LLC reiterated their buy rating on shares of Reddit (NYSE:RDDT) in a report released on Friday morning,Benzinga reports. Needham & Company LLC currently has a $220.00 price objective on the stock.

A number of other brokerages have also recently weighed in on RDDT. Bank of America raised their target price on shares of Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Guggenheim decreased their price objective on shares of Reddit from $210.00 to $170.00 and set a “buy” rating for the company in a research note on Thursday. JMP Securities raised their price objective on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 13th. Redburn Partners set a $75.00 price objective on shares of Reddit in a research note on Monday. Finally, Robert W. Baird raised their price objective on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $162.68.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $115.46 on Friday. The stock has a market capitalization of $20.89 billion and a price-to-earnings ratio of -14.94. Reddit has a 1-year low of $37.35 and a 1-year high of $230.41. The company has a 50 day moving average price of $171.19 and a 200 day moving average price of $134.62.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, sell-side analysts expect that Reddit will post 1.12 EPS for the current fiscal year.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 124,408 shares of the firm’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the transaction, the chief executive officer now owns 583,515 shares in the company, valued at approximately $74,316,470.40. This trade represents a 17.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the transaction, the chief operating officer now owns 1,466,119 shares in the company, valued at $183,587,421.18. This represents a 2.22 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 503,794 shares of company stock worth $78,350,874.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Jennison Associates LLC acquired a new position in Reddit in the 4th quarter valued at $494,861,000. Renaissance Capital LLC grew its stake in Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after buying an additional 3,892 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Reddit by 27.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after buying an additional 139,135 shares during the last quarter. Assetmark Inc. grew its stake in Reddit by 1,537,566.7% in the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after buying an additional 46,127 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake in Reddit by 3,640.5% in the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after buying an additional 248,499 shares during the last quarter.

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.