Roth Capital Reiterates Buy Rating for Reddit (NYSE:RDDT)

Reddit (NYSE:RDDT)‘s stock had its “buy” rating reissued by research analysts at Roth Capital in a research note issued to investors 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.

RDDT has been the topic of several other reports. Piper Sandler began coverage on Reddit in a research report on Monday. They issued an “overweight” rating and a $50.00 target price on the stock. New Street Research started coverage on shares of Reddit in a research report on Tuesday, March 26th. They issued a “neutral” rating and a $54.00 price objective on the stock. The Goldman Sachs Group initiated coverage on shares of Reddit in a research report on Monday. They issued a “neutral” rating and a $40.00 target price 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. Finally, Raymond James started coverage on Reddit in a report on Monday. They issued a “strong-buy” rating and a $50.00 price objective for the company. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of 49.20.

Reddit Stock Performance

RDDT traded down 1.97 during trading hours on Monday, hitting 39.17. 2,144,317 shares of the stock were exchanged, 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 Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 500,000 shares of Reddit stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 16,150,000.00. Following the completion of the sale, the chief executive officer now owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Steve Ladd Huffman sold 500,000 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 16,150,000.00. Following the completion of the sale, the chief executive officer now directly owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Michelle Marie Reynolds sold 3,033 shares of Reddit stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 97,965.90. Following the sale, the chief accounting officer now owns 96,413 shares of the company’s stock, valued at 3,114,139.90. The disclosure for this sale can be found here. Insiders sold 1,084,798 shares of company stock valued at $35,038,975 over the last three months.

Institutional Trading of Reddit

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