Reddit (NYSE:RDDT) Rating Reiterated by Roth Capital

Reddit (NYSE:RDDT)‘s stock had its “buy” rating reiterated by equities research analysts at Roth Capital 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.

Several other equities analysts also recently issued reports on RDDT. Bank of America started coverage on shares of Reddit in a research note on Tuesday. They set a “neutral” rating and a $46.00 price objective on the stock. Piper Sandler started coverage on shares of Reddit in a research note on Monday. They set an “overweight” rating and a $50.00 price objective on the stock. Robert W. Baird started coverage on shares of Reddit in a research note on Thursday, April 4th. They set a “neutral” rating and a $50.00 price objective on the stock. Morgan Stanley started coverage on shares of Reddit in a research note on Monday. They set an “equal weight” rating and a $45.00 price objective on the stock. Finally, New Street Research assumed coverage on shares of Reddit in a research note on Tuesday, March 26th. They set a “neutral” rating and a $54.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Reddit has an average rating of “Moderate Buy” and an average price target of 49.20.

Reddit Trading Down 4.8 %

Shares of RDDT stock traded down 1.97 during trading hours on Monday, hitting 39.17. The company’s stock had a trading volume of 2,145,003 shares, compared to its average volume of 9,157,121. Reddit has a twelve month low of 38.70 and a twelve month high of 74.90.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 500,000 shares of the firm’s 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 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 SEC, which is available through the SEC website. In related news, Director David C. Habiger acquired 3,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was bought at an average cost of 34.00 per share, with a total value of 102,000.00. Following the acquisition, the director now directly owns 24,906 shares in the company, valued at 846,804. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 500,000 shares of the firm’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 710,306 shares of the company’s stock, valued at 22,942,883.80. The disclosure for this sale can be found here. In the last three months, insiders 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 purchased a new position in Reddit, Inc. (NYSE:RDDT) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 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.