Reddit’s (RDDT) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Reddit (NYSE:RDDT) in a research report report published on Tuesday, MarketBeat.com reports. Needham & Company LLC currently has a $300.00 target price on the stock.

Other research analysts have also issued reports about the company. JPMorgan Chase & Co. boosted their price target on shares of Reddit from $190.00 to $227.00 and gave the stock a “neutral” rating in a research report on Friday, October 31st. Bank of America lifted their price objective on shares of Reddit from $180.00 to $210.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. B. Riley reiterated a “buy” rating and issued a $245.00 target price (up from $235.00) on shares of Reddit in a report on Friday, October 31st. Citigroup increased their target price on shares of Reddit from $250.00 to $265.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. Finally, Oppenheimer lifted their price target on shares of Reddit from $215.00 to $300.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 16th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $230.28.

Reddit Price Performance

Shares of NYSE RDDT opened at $226.16 on Tuesday. The firm has a market capitalization of $42.86 billion, a PE ratio of 129.97, a P/E/G ratio of 2.49 and a beta of 2.17. Reddit has a 1-year low of $79.75 and a 1-year high of $282.95. The business’s fifty day moving average price is $210.74 and its two-hundred day moving average price is $198.21.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.30. The business had revenue of $584.91 million during the quarter, compared to the consensus estimate of $546.65 million. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The business’s revenue was up 67.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.16 earnings per share. Equities research analysts expect that Reddit will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In related news, COO Jennifer L. Wong sold 63,427 shares of Reddit stock in a transaction on Monday, November 24th. The shares were sold at an average price of $192.72, for a total value of $12,223,651.44. Following the transaction, the chief operating officer owned 1,184,528 shares in the company, valued at $228,282,236.16. This trade represents a 5.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Christopher Brian Slowe sold 24,000 shares of Reddit stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $192.72, for a total value of $4,625,280.00. Following the completion of the transaction, the chief technology officer owned 175,694 shares in the company, valued at $33,859,747.68. The trade was a 12.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 465,333 shares of company stock worth $97,164,104. Corporate insiders own 34.25% of the company’s stock.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Reddit by 12.9% in the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after acquiring an additional 1,401,293 shares during the period. Alliancebernstein L.P. grew its stake in shares of Reddit by 103.0% in the 1st quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock valued at $593,733,000 after purchasing an additional 2,871,232 shares during the period. State Street Corp grew its stake in shares of Reddit by 22.3% in the 3rd quarter. State Street Corp now owns 2,481,931 shares of the company’s stock valued at $570,819,000 after purchasing an additional 451,792 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Reddit by 7.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,051,175 shares of the company’s stock worth $308,846,000 after buying an additional 143,680 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Reddit by 72.1% during the 2nd quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock worth $299,044,000 after buying an additional 833,245 shares during the period.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.