Reddit (NYSE:RDDT) Earns Buy Rating from Needham & Company LLC

Reddit (NYSE:RDDT)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They presently have a $300.00 price target on the stock. Needham & Company LLC’s target price would indicate a potential upside of 28.75% from the stock’s current price.

RDDT has been the subject of a number of other reports. Morgan Stanley restated an “overweight” rating and issued a $250.00 price objective on shares of Reddit in a research note on Friday, October 31st. Cannonball Research reiterated a “buy” rating on shares of Reddit in a report on Tuesday, September 23rd. Sanford C. Bernstein boosted their target price on shares of Reddit from $190.00 to $210.00 and gave the stock a “market perform” rating in a research report on Friday, October 31st. Oppenheimer raised their price target on Reddit from $215.00 to $300.00 and gave the company an “outperform” rating in a research report on Tuesday, September 16th. Finally, Bank of America lifted their price objective on Reddit from $180.00 to $210.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $230.28.

Reddit Price Performance

Shares of NYSE:RDDT opened at $233.01 on Tuesday. The stock has a market capitalization of $44.16 billion, a P/E ratio of 133.92, a P/E/G ratio of 2.57 and a beta of 2.17. The business has a 50-day moving average of $209.12 and a two-hundred day moving average of $197.08. Reddit has a fifty-two week low of $79.75 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.30. The business had revenue of $584.91 million for 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 firm’s revenue was up 67.9% compared to the same quarter last year. During the same period last year, the business earned $0.16 EPS. As a group, research analysts expect that Reddit will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In related news, insider Benjamin Seong Lee sold 18,750 shares of the business’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $240.00, for a total transaction of $4,500,000.00. Following the transaction, the insider directly owned 62,608 shares in the company, valued at $15,025,920. The trade was a 23.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Christopher Brian Slowe sold 14,000 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $233.99, for a total value of $3,275,860.00. Following the completion of the transaction, the chief technology officer directly owned 173,694 shares of the company’s stock, valued at approximately $40,642,659.06. This trade represents a 7.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 426,166 shares of company stock valued at $87,984,534 over the last quarter. Company insiders own 34.25% of the company’s stock.

Institutional Trading of Reddit

Several institutional investors have recently made changes to their positions in RDDT. 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. boosted its holdings in Reddit by 103.0% during the first 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 in the last quarter. 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. grew its stake 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 valued at $308,846,000 after purchasing an additional 143,680 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Reddit by 72.1% in 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 in the last quarter.

About Reddit

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.