Reddit (NYSE:RDDT) Receives Overweight Rating from Piper Sandler

Reddit (NYSE:RDDT)‘s stock had its “overweight” rating restated by equities researchers at Piper Sandler in a report issued on Thursday,Benzinga reports. They currently have a $210.00 target price on the stock, up from their previous target price of $197.00. Piper Sandler’s target price would suggest a potential upside of 5.40% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Roth Capital cut Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Seaport Res Ptn upgraded Reddit to a “hold” rating in a research report on Thursday, February 6th. Roth Mkm cut shares of Reddit from a “buy” rating to a “neutral” rating and increased their target price for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. Guggenheim began coverage on shares of Reddit in a report on Friday, December 20th. They set a “buy” rating and a $210.00 price target on the stock. Finally, Robert W. Baird increased their price objective on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $172.95.

Reddit Stock Down 8.0 %

RDDT stock traded down $17.23 during mid-day trading on Thursday, reaching $199.25. The company had a trading volume of 12,822,131 shares, compared to its average volume of 5,305,206. Reddit has a 52 week low of $37.35 and a 52 week high of $230.41. The stock has a 50 day simple moving average of $180.60 and a two-hundred day simple moving average of $117.29.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Analysts anticipate that Reddit will post -3.45 EPS for the current fiscal year.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $125.98, for a total value of $1,763,720.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $82,110,614.50. This represents a 2.10 % 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, CFO Andrew Vollero sold 19,838 shares of Reddit stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $143.22, for a total value of $2,841,198.36. Following the sale, the chief financial officer now owns 703,615 shares in the company, valued at $100,771,740.30. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 259,357 shares of company stock worth $41,121,108.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Truist Financial Corp bought a new stake in Reddit during the 2nd quarter valued at about $266,000. Claro Advisors LLC purchased a new position in shares of Reddit in the third quarter worth $2,557,000. Raymond James & Associates grew its stake in shares of Reddit by 60.3% in the third quarter. Raymond James & Associates now owns 68,374 shares of the company’s stock worth $4,507,000 after acquiring an additional 25,733 shares during the period. TB Alternative Assets Ltd. purchased a new stake in Reddit in the third quarter worth approximately $2,003,000. Finally, Whittier Trust Co. purchased a new position in Reddit in the third quarter worth about $42,000.

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.