Piper Sandler Reaffirms “Overweight” Rating for Reddit (NYSE:RDDT)

Reddit (NYSE:RDDT)‘s stock had its “overweight” rating restated by investment analysts at Piper Sandler in a research report issued on Thursday,Benzinga reports. They presently have a $210.00 target price on the stock, up from their prior target price of $197.00. Piper Sandler’s price objective points to a potential upside of 5.40% from the company’s current price.

Other research analysts have also issued reports about the company. B. Riley upped their target price on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Needham & Company LLC increased their price objective on shares of Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday. The Goldman Sachs Group boosted their target price on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Raymond James raised their price target on shares of Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a report on Monday. Finally, Guggenheim started coverage on shares of Reddit in a report on Friday, December 20th. They set a “buy” rating and a $210.00 price objective on the stock. One analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $172.95.

Reddit Stock Performance

Shares of NYSE:RDDT traded down $17.23 during trading on Thursday, hitting $199.25. 12,822,131 shares of the company’s stock were exchanged, compared to its average volume of 5,305,206. Reddit has a 52-week low of $37.35 and a 52-week high of $230.41. The business’s 50-day simple moving average is $180.60 and its 200 day simple moving average is $117.29.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Equities research analysts forecast that Reddit will post -3.45 EPS for the current fiscal year.

Insider Transactions at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 18,519 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value of $2,704,885.14. Following the completion of the transaction, the insider now owns 138,401 shares in the company, valued at $20,214,850.06. The trade was a 11.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Andrew Vollero sold 19,838 shares of Reddit stock in a transaction on Monday, November 25th. The shares were sold at an average price of $143.22, for a total value of $2,841,198.36. Following the completion of the transaction, the chief financial officer now owns 703,615 shares of the company’s stock, valued at approximately $100,771,740.30. This trade represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 259,357 shares of company stock valued at $41,121,108.

Hedge Funds Weigh In On Reddit

Several hedge funds and other institutional investors have recently made changes to their positions in RDDT. Ridgewood Investments LLC grew its holdings in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares in the last quarter. Proficio Capital Partners LLC raised its position in shares of Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after acquiring an additional 120 shares in the last quarter. Farther Finance Advisors LLC increased its position in Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock worth $40,000 after buying an additional 147 shares during the period. UMB Bank n.a. grew its position in Reddit by 10.8% in the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after buying an additional 150 shares during the last quarter. Finally, Foundations Investment Advisors LLC boosted its stake in shares of Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock valued at $870,000 after buying an additional 155 shares in the last quarter.

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.