Reddit’s (RDDT) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Reddit (NYSE:RDDT) in a report issued on Friday,Benzinga reports. The brokerage currently has a $220.00 target price on the stock.

Several other equities research analysts also recently issued reports on the stock. Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. Redburn Partners set a $75.00 price target on shares of Reddit in a research report on Monday, March 17th. The Goldman Sachs Group increased their price target on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Roth Capital cut Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Finally, Jefferies Financial Group increased their target price on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $162.68.

Reddit Stock Up 6.2 %

RDDT stock opened at $115.46 on Friday. The company has a market cap of $20.89 billion and a price-to-earnings ratio of -14.94. The business has a fifty day simple moving average of $171.19 and a 200-day simple moving average of $135.71. Reddit has a 52 week low of $37.35 and a 52 week high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping 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%. As a group, analysts expect that Reddit will post 1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Benjamin Seong Lee sold 92,299 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the transaction, the insider now directly owns 115,001 shares of the company’s stock, valued at approximately $18,095,407.35. This represents a 44.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $124,083,012.24. This trade represents a 2.23 % 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 over the last 90 days.

Hedge Funds Weigh In On Reddit

Institutional investors have recently modified their holdings of the company. California State Teachers Retirement System boosted its stake in Reddit by 126.6% during the 4th quarter. California State Teachers Retirement System now owns 48,380 shares of the company’s stock valued at $7,907,000 after purchasing an additional 27,032 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Reddit during the fourth quarter worth approximately $2,208,000. Kilter Group LLC bought a new position in Reddit in the 4th quarter worth approximately $928,000. Castle Rock Wealth Management LLC bought a new position in Reddit in the 4th quarter worth approximately $789,000. Finally, Brooklyn FI LLC acquired a new stake in Reddit in the 4th quarter valued at approximately $6,339,000.

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.