Roth Capital Reiterates Buy Rating for Reddit (NYSE:RDDT)

Roth Capital reissued their buy rating on shares of Reddit (NYSE:RDDT) in a research report report published on Monday morning, Zacks.com reports. Roth Capital also issued estimates for Reddit’s Q1 2024 earnings at ($8.68) EPS, Q2 2024 earnings at ($0.56) EPS, Q3 2024 earnings at ($0.48) EPS, Q4 2024 earnings at ($0.25) EPS, FY2024 earnings at ($4.93) EPS and FY2025 earnings at ($1.00) EPS.

RDDT has been the subject of several other research reports. JPMorgan Chase & Co. initiated coverage on Reddit in a report on Monday. They set a neutral rating and a $47.00 price objective for the company. Robert W. Baird started coverage on Reddit in a research note on Thursday, April 4th. They issued a neutral rating and a $50.00 target price for the company. Loop Capital started coverage on Reddit in a research report on Monday. They set a buy rating and a $55.00 price target on the stock. Deutsche Bank Aktiengesellschaft started coverage on Reddit in a research report on Tuesday. They set a buy rating and a $50.00 price target on the stock. Finally, Bank of America started coverage on Reddit in a research report on Tuesday. They set a neutral rating and a $46.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of 49.20.

Reddit Stock Performance

Shares of NYSE RDDT opened at 41.72 on Monday. Reddit has a 12-month low of 37.35 and a 12-month high of 74.90.

Insider Activity

In other Reddit news, CEO Steve Ladd Huffman sold 500,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 16,150,000.00. Following the sale, the chief executive officer now owns 710,306 shares of the company’s stock, valued at 22,942,883.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CTO Christopher Brian Slowe sold 185,000 shares of the business’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the completion of the transaction, the chief technology officer now owns 413,684 shares in the company, valued at 13,361,993.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 500,000 shares of the business’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 16,150,000.00. Following the completion of the sale, the chief executive officer now directly owns 710,306 shares of the company’s stock, valued at 22,942,883.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Investors Weigh In On Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 5,664 shares of the company’s stock, valued at approximately $279,000.

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.