Reddit’s (RDDT) “Buy” Rating Reaffirmed at B. Riley

B. Riley restated their buy rating on shares of Reddit (NYSE:RDDT) in a research report released on Wednesday, Benzinga reports. They currently have a $112.00 price target on the stock, up from their previous price target of $87.00.

Other equities research analysts have also recently issued reports about the stock. Bank of America increased their price objective on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research report on Wednesday. Raymond James increased their price target on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 10th. Roth Mkm boosted their price objective on Reddit from $66.00 to $89.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. The Goldman Sachs Group raised their target price on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $115.00 target price (up from $70.00) on shares of Reddit in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.72.

Reddit Stock Up 42.0 %

Shares of RDDT opened at $116.03 on Wednesday. The stock’s 50-day moving average price is $67.80 and its two-hundred day moving average price is $61.21. Reddit has a 12 month low of $37.35 and a 12 month high of $118.25.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The firm’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, research analysts anticipate that Reddit will post -4.05 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Michelle Marie Reynolds sold 12,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total value of $648,000.00. Following the sale, the chief accounting officer now owns 71,162 shares in the company, valued at $3,842,748. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total transaction of $755,720.00. Following the transaction, the chief executive officer now directly owns 672,352 shares in the company, valued at approximately $36,293,560.96. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michelle Marie Reynolds sold 12,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total transaction of $648,000.00. Following the completion of the sale, the chief accounting officer now owns 71,162 shares of the company’s stock, valued at approximately $3,842,748. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 390,327 shares of company stock worth $23,503,224 over the last three months.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. StoneCrest Wealth Management Inc. increased its stake in Reddit by 2.6% in the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock valued at $451,000 after buying an additional 176 shares during the last quarter. Whittier Trust Co. bought a new position in shares of Reddit in the third quarter valued at approximately $42,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit during the first quarter valued at approximately $37,000. Vestor Capital LLC lifted its holdings in Reddit by 1.1% during the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after acquiring an additional 922 shares during the period. Finally, SOA Wealth Advisors LLC. purchased a new position in Reddit in the second quarter worth $78,000.

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.