Reddit (NYSE:RDDT – Get Free Report)‘s stock had its “buy” rating reissued by analysts at Roth Capital in a report released on Monday, 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.
Several other research firms have also recently weighed in on RDDT. Raymond James began coverage on Reddit in a research note on Monday. They issued a “strong-buy” rating and a $50.00 price target for the company. Roth Mkm began coverage on Reddit in a research report on Monday. They set a “buy” rating and a $50.00 price objective for the company. Morgan Stanley initiated coverage on Reddit in a research report on Monday. They set an “equal weight” rating and a $45.00 price objective for the company. The Goldman Sachs Group initiated coverage on Reddit in a research report on Monday. They issued a “neutral” rating and a $40.00 price target for the company. Finally, Needham & Company LLC initiated coverage on Reddit in a research report on Monday. They issued a “buy” rating and a $55.00 price target for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of 49.20.
Check Out Our Latest Research Report on Reddit
Reddit Stock Performance
Insider Activity at Reddit
In related news, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the completion of the transaction, the chief technology officer now directly owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The sale was disclosed in a filing with the SEC, which is available through this link. In other Reddit news, Director David C. Habiger purchased 3,000 shares of Reddit stock in a transaction dated Monday, March 25th. The shares were purchased at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the completion of the acquisition, the director now owns 24,906 shares in the company, valued at approximately 846,804. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 5,975,500.00. Following the completion of the sale, the chief technology officer now owns 413,684 shares in the company, valued at 13,361,993.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,084,798 shares of company stock valued at $35,038,975.
Institutional Trading of Reddit
A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC acquired a new position in Reddit, Inc. (NYSE:RDDT – Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 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.
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