Piper Sandler Reaffirms “Overweight” Rating for Reddit (NYSE:RDDT)

Reddit (NYSE:RDDT)‘s stock had its “overweight” rating reissued by research analysts at Piper Sandler in a note issued to investors on Friday,Benzinga reports. They currently have a $150.00 price target on the stock, up from their prior price target of $140.00. Piper Sandler’s price objective points to a potential upside of 32.73% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Roth Mkm cut shares of Reddit from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Loop Capital reiterated a “buy” rating and issued a $210.00 target price on shares of Reddit in a research note on Tuesday, March 11th. JMP Securities reissued a “market outperform” rating and issued a $180.00 price target on shares of Reddit in a research note on Friday. The Goldman Sachs Group dropped their price objective on shares of Reddit from $185.00 to $124.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Finally, Truist Financial initiated coverage on shares of Reddit in a research report on Monday, April 7th. They issued a “buy” rating and a $150.00 target price on the stock. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $142.30.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $113.01 on Friday. The business’s fifty day moving average price is $116.82 and its two-hundred day moving average price is $143.67. The stock has a market cap of $20.44 billion, a PE ratio of -14.62, a price-to-earnings-growth ratio of 4.72 and a beta of 2.89. Reddit has a one year low of $46.75 and a one year high of $230.41.

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

Insider Activity at Reddit

In related news, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $187.72, for a total value of $6,257,270.76. Following the sale, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at $282,386,632.84. This represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the 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 transaction, the chief executive officer now owns 614,394 shares in the company, valued at $115,370,905.32. This trade represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 711,270 shares of company stock valued at $94,239,985.

Institutional Investors Weigh In On Reddit

A number of institutional investors have recently modified their holdings of RDDT. Vanguard Group Inc. increased its holdings in Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after buying an additional 5,950,909 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of Reddit in the 4th quarter valued at approximately $494,861,000. Alliancebernstein L.P. lifted its stake in Reddit by 1,011.1% during the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after purchasing an additional 2,537,768 shares during the last quarter. Brooklyn FI LLC acquired a new position in Reddit in the fourth quarter worth $303,082,000. Finally, GQG Partners LLC bought a new stake in Reddit during the fourth quarter valued at $271,539,000.

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.