Reddit (NYSE:RDDT) Earns Buy Rating from Analysts at Jefferies Financial Group

by · The Markets Daily

Jefferies Financial Group began coverage on shares of Reddit (NYSE:RDDT – Free Report) in a research report released on Wednesday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $90.00 target price on the stock.

Other equities research analysts have also recently issued research reports about the company. JMP Securities reiterated a market outperform rating and set a $84.00 target price on shares of Reddit in a report on Tuesday, July 30th. Roth Mkm lowered their target price on Reddit from $67.00 to $66.00 and set a buy rating on the stock in a report on Wednesday, August 7th. Piper Sandler increased their target price on Reddit from $65.00 to $70.00 and gave the company an overweight rating in a report on Wednesday, August 7th. Cannonball Research assumed coverage on Reddit in a report on Tuesday, August 6th. They set a buy rating and a $67.00 target price on the stock. Finally, Needham & Company LLC increased their target price on Reddit from $75.00 to $85.00 and gave the company a buy rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $69.56.

Get Our Latest Research Report on Reddit

Reddit Stock Up 4.8 %

NYSE RDDT opened at $73.25 on Wednesday. Reddit has a 1-year low of $37.35 and a 1-year high of $78.08. The business has a 50 day moving average price of $60.86 and a 200 day moving average price of $58.12.

Reddit (NYSE:RDDT – Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. During the same period in the previous year, the business earned ($0.70) earnings per share. The business’s revenue for the quarter was up 53.6% on a year-over-year basis. On average, analysts predict that Reddit will post -4.11 EPS for the current year.

Insider Activity at Reddit

In related news, Director Mary Porter Gale sold 30,000 shares of Reddit stock in a transaction on Monday, August 12th. The stock was sold at an average price of $52.31, for a total value of $1,569,300.00. Following the transaction, the director now owns 71,459 shares in the company, valued at approximately $3,738,020.29. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Reddit news, Director Mary Porter Gale sold 30,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $52.31, for a total value of $1,569,300.00. Following the transaction, the director now directly owns 71,459 shares of the company’s stock, valued at $3,738,020.29. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 45,807 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93. Following the completion of the transaction, the insider now directly owns 194,473 shares in the company, valued at $10,499,597.27. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 337,993 shares of company stock worth $19,517,419.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets purchased a new position in Reddit in the first quarter valued at about $37,000. SOA Wealth Advisors LLC. purchased a new position in Reddit in the second quarter valued at about $78,000. ANTIPODES PARTNERS Ltd purchased a new position in Reddit in the first quarter valued at about $63,000. UMB Bank n.a. purchased a new stake in shares of Reddit during the second quarter worth about $88,000. Finally, Sandia Investment Management LP purchased a new stake in shares of Reddit during the first quarter worth about $79,000.

Reddit Company Profile

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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.

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