B. Riley Reiterates Buy Rating for Reddit (NYSE:RDDT)

Reddit (NYSE:RDDT)‘s stock had its “buy” rating reaffirmed by stock analysts at B. Riley in a research report issued on Friday,Benzinga reports. They currently have a $220.00 target price on the stock, down from their prior target price of $222.00. B. Riley’s price objective would suggest a potential upside of 94.67% from the company’s current price.

Several other brokerages also recently issued reports on RDDT. Oppenheimer assumed coverage on Reddit in a report on Wednesday, April 16th. They set an “outperform” rating and a $125.00 price target for the company. Roth Mkm lowered shares of Reddit from a “buy” rating to a “neutral” rating and upped their target price for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Wells Fargo & Company dropped their price target on shares of Reddit from $215.00 to $158.00 and set an “overweight” rating on the stock in a research report on Monday, March 31st. Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Finally, Raymond James decreased their price objective on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a research note on Wednesday, March 12th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $142.30.

Reddit Price Performance

Shares of NYSE RDDT opened at $113.01 on Friday. The company has a 50-day moving average price of $116.82 and a 200-day moving average price of $143.67. The stock has a market capitalization of $20.44 billion, a P/E ratio of -14.62, a P/E/G ratio of 4.72 and a beta of 2.89. Reddit has a 1 year low of $46.75 and a 1 year high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. The business had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company’s quarterly revenue was up 61.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($8.19) EPS. As a group, equities research analysts anticipate that Reddit will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $115,370,905.32. The trade was a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the sale, the insider now owns 115,001 shares in the company, valued at $18,095,407.35. This trade represents a 44.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 711,270 shares of company stock valued at $94,239,985 in the last quarter.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RDDT. Plato Investment Management Ltd bought a new position in shares of Reddit in the 4th quarter worth $27,000. CWM LLC increased its stake in Reddit by 100.0% in the first quarter. CWM LLC now owns 256 shares of the company’s stock valued at $27,000 after acquiring an additional 128 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new stake in Reddit during the fourth quarter valued at about $28,000. Ridgewood Investments LLC lifted its stake in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit in the 4th quarter worth about $33,000.

Reddit Company Profile

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.