Reddit (NYSE:RDDT) Stock Rating Reaffirmed by Roth Capital

Reddit (NYSE:RDDT)‘s stock had its “buy” rating reaffirmed by stock analysts at Roth Capital in a research report issued to clients and 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.

A number of other equities analysts have also recently issued reports on RDDT. Morgan Stanley began coverage on Reddit in a report on Monday. They set an “equal weight” rating and a $45.00 target price for the company. Bank of America initiated coverage on Reddit in a research report on Tuesday. They issued a “neutral” rating and a $46.00 target price on the stock. Sanford C. Bernstein assumed coverage on shares of Reddit in a research note on Thursday, April 4th. They set an “underperform” rating and a $40.00 price target for the company. The Goldman Sachs Group assumed coverage on shares of Reddit in a research report on Monday. They issued a “neutral” rating and a $40.00 price objective on the stock. Finally, Citigroup initiated coverage on shares of Reddit in a research note on Monday. They issued a “buy” rating and a $53.00 price target on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of 49.20.

Reddit Trading Down 4.8 %

Shares of Reddit stock traded down 1.97 on Monday, hitting 39.17. The company had a trading volume of 2,144,317 shares, compared to its average volume of 9,153,787. Reddit has a twelve month low of 38.70 and a twelve month high of 74.90.

Insider Transactions at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 5,975,500.00. Following the transaction, the chief technology officer now directly owns 413,684 shares in the company, valued at 13,361,993.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Steve Ladd Huffman sold 500,000 shares of Reddit 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 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 legal filing with the SEC, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 185,000 shares of the business’s stock in a transaction on Monday, March 25th. The shares were 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 of the company’s stock, valued at 13,361,993.20. The disclosure for this sale can be found here. In the last three months, insiders sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Investors Weigh In On Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,664 shares of the company’s stock, valued at approximately $279,000.

Reddit Company Profile

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.