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

Reddit (NYSE:RDDT)‘s stock had its “overweight” rating reiterated by stock analysts at Piper Sandler in a note issued to investors on Tuesday,Benzinga reports. They presently have a $150.00 target price on the stock, up from their previous target price of $115.00. Piper Sandler’s target price would suggest a potential upside of 12.34% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Bank of America boosted their price objective on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Morgan Stanley upped their price objective on Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Needham & Company LLC boosted their target price on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Roth Mkm raised their price target on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Cannonball Research assumed coverage on shares of Reddit in a research note on Tuesday, August 6th. They set a “buy” rating and a $67.00 target price for the company. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $91.67.

Reddit Stock Up 3.2 %

RDDT stock traded up $4.10 during midday trading on Tuesday, hitting $133.52. The company’s stock had a trading volume of 3,016,956 shares, compared to its average volume of 4,856,818. The company’s fifty day moving average price is $85.22 and its 200 day moving average price is $68.85. Reddit has a twelve month low of $37.35 and a twelve month high of $139.04.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS 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 the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business’s revenue was up 67.9% on a year-over-year basis. On average, equities analysts predict that Reddit will post -3.63 EPS for the current fiscal year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $113.13, for a total value of $1,583,820.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $73,735,305.75. This represents a 2.10 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mary Porter Gale sold 5,000 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $114.40, for a total value of $572,000.00. Following the completion of the transaction, the director now directly owns 46,459 shares of the company’s stock, valued at approximately $5,314,909.60. The trade was a 9.72 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 238,187 shares of company stock valued at $16,488,515.

Institutional Trading of Reddit

Several hedge funds and other institutional investors have recently made changes to their positions in RDDT. ARK Investment Management LLC boosted its position in Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after buying an additional 192,785 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in shares of Reddit during the first quarter worth $7,363,000. Objective Capital Management LLC acquired a new position in shares of Reddit during the third quarter worth $391,000. Victory Capital Management Inc. grew its stake in shares of Reddit by 903.8% in the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after purchasing an additional 453,894 shares during the last quarter. Finally, VY Capital Management Co. Ltd. acquired a new stake in Reddit in the third quarter valued at $474,403,000.

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.