Reddit (NYSE:RDDT) Earns “Buy” Rating from Roth Capital

Roth Capital reissued their buy rating on shares of Reddit (NYSE:RDDT) in a report issued 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.

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. initiated coverage on Reddit in a research report on Monday. They set a neutral rating and a $47.00 price objective for the company. Robert W. Baird began coverage on Reddit in a report on Thursday, April 4th. They issued a neutral rating and a $50.00 target price for the company. Roth Mkm began coverage on Reddit in a report on Monday. They issued a buy rating and a $50.00 target price for the company. Citigroup initiated coverage on Reddit in a report on Monday. They issued a buy rating and a $53.00 target price for the company. Finally, Raymond James initiated coverage on shares of Reddit in a research report on Monday. They set a strong-buy rating and a $50.00 target price on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Reddit presently has a consensus rating of Moderate Buy and an average price target of 49.20.

Reddit Stock Down 4.8 %

NYSE RDDT traded down 1.97 on Monday, reaching 39.17. 2,144,459 shares of the stock traded hands, compared to its average volume of 9,153,787. Reddit has a 12 month low of 38.70 and a 12 month high of 74.90.

Insider Activity

In related news, CFO Andrew Vollero sold 71,765 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 2,318,009.50. Following the completion of the sale, the chief financial officer now owns 681,660 shares in the company, valued at 22,017,618. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Reddit news, CFO Andrew Vollero sold 71,765 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 2,318,009.50. Following the completion of the transaction, the chief financial officer now owns 681,660 shares in the company, valued at 22,017,618. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 185,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief technology officer now owns 413,684 shares of the company’s stock, valued at approximately 13,361,993.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC bought a new stake in Reddit, Inc. (NYSE:RDDT) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 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.