Reddit (NYSE:RDDT) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Reddit (NYSE:RDDT) had its target price increased by equities research analysts at Needham & Company LLC from $135.00 to $145.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 28.31% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. JPMorgan Chase & Co. lowered their price objective on Reddit from $185.00 to $110.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Citigroup dropped their price objective on Reddit from $220.00 to $150.00 and set a “buy” rating on the stock in a report on Monday, April 14th. The Goldman Sachs Group reduced their target price on Reddit from $185.00 to $124.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Loop Capital reiterated a “buy” rating and issued a $210.00 price target on shares of Reddit in a report on Tuesday, March 11th. Finally, Sanford C. Bernstein raised shares of Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 price objective on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $142.30.

Reddit Trading Down 4.9 %

Reddit stock opened at $113.01 on Friday. The stock has a 50 day moving average of $116.82 and a two-hundred day moving average of $143.67. Reddit has a twelve month low of $46.75 and a twelve month high of $230.41. The stock has a market capitalization of $20.44 billion, a price-to-earnings ratio of -14.62, a PEG ratio of 4.72 and a beta of 2.89.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The firm had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same period last year, the firm posted ($8.19) EPS. Reddit’s quarterly revenue was up 61.5% on a year-over-year basis. Equities analysts predict that Reddit will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at $115,370,905.32. This represents a 2.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total value of $3,133,062.66. Following the sale, the chief operating officer now directly owns 1,466,119 shares of the company’s stock, valued at approximately $137,800,524.81. This trade represents a 2.22 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 711,270 shares of company stock valued at $94,239,985.

Institutional Investors Weigh In On Reddit

Several large investors have recently made changes to their positions in RDDT. Jennison Associates LLC acquired a new position in Reddit during the 4th quarter worth approximately $494,861,000. Renaissance Capital LLC lifted its position in shares of Reddit by 14.2% during the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after purchasing an additional 3,892 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Reddit by 27.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after purchasing an additional 139,135 shares during the period. Assetmark Inc. grew its holdings in Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after purchasing an additional 46,127 shares in the last quarter. Finally, Chung Wu Investment Group LLC purchased a new stake in Reddit during the 4th quarter worth $327,000.

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.