Needham & Company LLC Reiterates “Buy” Rating for Reddit (NYSE:RDDT)

Needham & Company LLC reaffirmed their buy rating on shares of Reddit (NYSE:RDDT) in a research note published on Friday morning,Benzinga reports. They currently have a $220.00 price target on the stock.

Other equities research analysts have also issued reports about the company. The Goldman Sachs Group raised their price objective on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Citigroup reiterated a “neutral” rating on shares of Reddit in a research report on Thursday, February 13th. Morgan Stanley lifted their price target on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Finally, Guggenheim decreased their target price on shares of Reddit from $210.00 to $170.00 and set a “buy” rating for the company in a report on Thursday. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $162.68.

Reddit Stock Up 6.2 %

NYSE:RDDT opened at $115.46 on Friday. The business’s 50-day moving average price is $171.19 and its 200 day moving average price is $135.71. Reddit has a 52-week low of $37.35 and a 52-week high of $230.41. The firm has a market cap of $20.89 billion and a P/E ratio of -14.94.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Sell-side analysts expect that Reddit will post 1.12 EPS for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $125.22, for a total value of $4,173,958.26. Following the completion of the sale, the chief operating officer now directly owns 1,466,119 shares of the company’s stock, valued at $183,587,421.18. The trade was a 2.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the transaction, the chief executive officer now owns 614,394 shares in the company, valued at approximately $124,083,012.24. This trade represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 492,794 shares of company stock worth $76,482,524 over the last 90 days.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently bought and sold shares of the stock. Plato Investment Management Ltd bought a new position in shares of Reddit in the 4th quarter valued at approximately $27,000. EverSource Wealth Advisors LLC acquired a new position in Reddit during the fourth quarter valued at approximately $28,000. Ridgewood Investments LLC raised its position in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the period. Farmers & Merchants Investments Inc. acquired a new stake in shares of Reddit in the fourth quarter worth $33,000. Finally, Bogart Wealth LLC bought a new stake in shares of Reddit during the 4th quarter worth $33,000.

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.