Reddit (NYSE:RDDT) Rating Reiterated by Roth Capital

Roth Capital reissued their buy rating on shares of Reddit (NYSE:RDDT) in a report released 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. started coverage on shares of Reddit in a research report on Monday. They set a neutral rating and a $47.00 target price for the company. Needham & Company LLC started coverage on shares of Reddit in a research report on Monday. They set a buy rating and a $55.00 target price for the company. Roth Mkm started coverage on shares of Reddit in a research report on Monday. They issued a buy rating and a $50.00 price objective for the company. Raymond James started coverage on shares of Reddit in a research report on Monday. They issued a strong-buy rating and a $50.00 price objective for the company. Finally, Citigroup initiated coverage on shares of Reddit in a research report on Monday. They issued a buy rating and a $53.00 price objective for the company. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of 49.20.

Reddit Stock Performance

Shares of RDDT opened at 39.17 on Monday. Reddit has a one year low of 38.70 and a one year high of 74.90.

Insider Transactions at Reddit

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 value of 5,975,500.00. Following the transaction, the chief technology officer now owns 413,684 shares in the company, valued at 13,361,993.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Reddit news, CAO Michelle Marie Reynolds sold 3,033 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 97,965.90. Following the completion of the sale, the chief accounting officer now owns 96,413 shares in the company, valued at approximately 3,114,139.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction that occurred 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 transaction, the chief technology officer now directly owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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.