Reddit's (RDDT) Buy Rating Reiterated at Needham & Company LLC

Reddit (NYSE:RDDT - Get Free Report)'s stock had its "buy" rating restated by stock analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports. They presently have a $220.00 price objective on the stock. Needham & Company LLC's price target would indicate a potential upside of 79.71% from the stock's previous close.

RDDT has been the topic of a number of other reports. Piper Sandler lifted their price objective on shares of Reddit from $210.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Seaport Res Ptn raised shares of Reddit to a "hold" rating in a report on Thursday, February 6th. Wells Fargo & Company increased their price target on shares of Reddit from $206.00 to $215.00 and gave the stock an "overweight" rating in a report on Thursday, February 13th. Bank of America lifted their price objective on Reddit from $180.00 to $190.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. Finally, Citigroup reiterated a "neutral" rating on shares of Reddit in a research report on Thursday, February 13th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $162.68.

Reddit Trading Up 5.8 %

Shares of RDDT traded up $6.72 during mid-day trading on Friday, hitting $122.42. 5,770,895 shares of the company's stock were exchanged, compared to its average volume of 7,327,061. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The business's 50 day moving average is $171.19 and its two-hundred day moving average is $135.71. The firm has a market capitalization of $22.15 billion and a P/E ratio of -15.84.

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Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, equities research analysts forecast that Reddit will post 1.12 earnings per share for the current year.

Insider Transactions at Reddit

In related news, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the completion of the sale, the chief accounting officer now owns 48,418 shares in the company, valued at approximately $7,621,477.38. This trade represents a 19.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 124,408 shares of the business's stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 583,515 shares of the company's stock, valued at $74,316,470.40. The trade was a 17.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 492,794 shares of company stock valued at $76,482,524 in the last ninety days.

Institutional Trading of Reddit

A number of hedge funds have recently bought and sold shares of the company. FMR LLC lifted its stake in shares of Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after purchasing an additional 913,189 shares during the period. Vanguard Group Inc. increased its stake in Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after purchasing an additional 5,950,909 shares during the last quarter. Jennison Associates LLC purchased a new position in Reddit during the fourth quarter worth about $494,861,000. Holocene Advisors LP boosted its stake in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock worth $198,154,000 after buying an additional 1,923,109 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock valued at $455,795,000 after buying an additional 2,537,768 shares during the period.

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.