Reddit’s (RDDT) Overweight Rating Reiterated at Piper Sandler

Piper Sandler restated their overweight rating on shares of Reddit (NYSE:RDDT) in a research note published on Wednesday morning, Benzinga reports. They currently have a $115.00 price objective on the stock, up from their previous price objective of $70.00.

Other equities analysts also recently issued research reports about the company. JMP Securities reissued a “market outperform” rating and set a $84.00 target price on shares of Reddit in a research report on Tuesday, July 30th. Sanford C. Bernstein upped their price objective on Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Monday, July 22nd. Jefferies Financial Group upped their price objective on Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Needham & Company LLC upped their price objective on Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Raymond James upped their target price on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $89.72.

Reddit Stock Down 5.3 %

NYSE:RDDT opened at $112.98 on Wednesday. Reddit has a 1 year low of $37.35 and a 1 year high of $123.60. The stock’s 50 day simple moving average is $70.13 and its two-hundred day simple moving average is $62.12.

Reddit (NYSE:RDDT) last released its earnings results 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 for the quarter, compared to the consensus estimate of $313.61 million. Reddit’s quarterly revenue was up 67.9% on a year-over-year basis. Analysts expect that Reddit will post -4.05 EPS for the current year.

Insider Transactions at Reddit

In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total value of $648,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 71,162 shares in the company, valued at $3,842,748. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Andrew Vollero sold 11,287 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the completion of the transaction, the chief financial officer now directly owns 840,379 shares in the company, valued at $53,784,256. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Michelle Marie Reynolds sold 12,000 shares of Reddit stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total value of $648,000.00. Following the transaction, the chief accounting officer now owns 71,162 shares of the company’s stock, valued at approximately $3,842,748. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 390,327 shares of company stock worth $23,503,224 over the last three months.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RDDT. Commonwealth Equity Services LLC purchased a new position in Reddit during the first quarter valued at approximately $1,111,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit in the first quarter valued at approximately $37,000. SG Americas Securities LLC purchased a new stake in shares of Reddit in the first quarter valued at approximately $265,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Reddit in the first quarter valued at approximately $63,000. Finally, Vanguard Group Inc. purchased a new stake in shares of Reddit in the first quarter valued at approximately $82,167,000.

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.