Reddit’s (RDDT) Overweight Rating Reaffirmed at Piper Sandler

Reddit (NYSE:RDDT)‘s stock had its “overweight” rating reiterated by equities researchers at Piper Sandler in a research note issued to investors on Friday,Benzinga reports. They presently have a $150.00 price target on the stock, up from their prior price target of $140.00. Piper Sandler’s price target would indicate a potential upside of 32.73% from the company’s previous close.

RDDT has been the subject of several other reports. Needham & Company LLC boosted their price objective on Reddit from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday. B. Riley boosted their price target on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Redburn Atlantic began coverage on Reddit in a report on Monday, March 17th. They set a “sell” rating and a $75.00 price target on the stock. Citigroup reduced their price objective on shares of Reddit from $220.00 to $150.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Seaport Res Ptn raised shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. One equities 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 issued a strong buy rating to the company. Based on data from MarketBeat, Reddit has an average rating of “Moderate Buy” and an average target price of $142.30.

Reddit Price Performance

Shares of RDDT opened at $113.01 on Friday. Reddit has a 12 month low of $46.75 and a 12 month high of $230.41. The stock has a fifty day moving average price of $116.82 and a 200 day moving average price of $143.67. The company has a market cap of $20.44 billion, a P/E ratio of -14.62, a PEG ratio of 4.72 and a beta of 2.89.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.11. The business had revenue of $392.36 million for the quarter, compared to analysts’ expectations of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The company’s revenue for the quarter was up 61.5% compared to the same quarter last year. During the same quarter last year, the company earned ($8.19) EPS. As a group, research analysts anticipate that Reddit will post 1.12 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 124,408 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 583,515 shares in the company, valued at $74,316,470.40. The trade was a 17.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $187.72, for a total transaction of $6,257,270.76. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at $282,386,632.84. This represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 711,270 shares of company stock valued at $94,239,985.

Institutional Inflows and Outflows

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