Reddit (NYSE:RDDT) Upgraded at Royal Bank of Canada

Royal Bank of Canada upgraded shares of Reddit (NYSE:RDDT) to a hold rating in a research report sent to investors on Monday,Zacks.com reports.

A number of other research firms also recently commented on RDDT. Bank of America dropped their price objective on Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a report on Wednesday, April 9th. Sanford C. Bernstein raised Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 target price for the company in a research report on Friday, May 2nd. Roth Mkm upped their target price on Reddit from $120.00 to $130.00 and gave the company a “neutral” rating in a research report on Friday, May 2nd. Wall Street Zen cut Reddit from a “buy” rating to a “hold” rating in a research report on Friday, May 30th. Finally, Robert W. Baird decreased their target price on Reddit from $140.00 to $120.00 and set a “neutral” rating for the company in a research report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $139.78.

Reddit Stock Performance

RDDT opened at $118.27 on Monday. Reddit has a one year low of $49.13 and a one year high of $230.41. The company has a market cap of $21.82 billion, a P/E ratio of -15.30, a PEG ratio of 4.72 and a beta of 2.90. The business’s 50-day simple moving average is $106.30 and its 200-day simple moving average is $143.93.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The business had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. During the same quarter in the prior year, the business posted ($8.19) EPS. The business’s revenue for the quarter was up 61.5% on a year-over-year basis. As a group, analysts predict that Reddit will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 124,408 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $127.36, for a total value of $15,844,602.88. Following the completion of the transaction, the chief executive officer now directly owns 583,515 shares of the company’s stock, valued at $74,316,470.40. This trade represents a 17.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total value of $3,133,062.66. Following the completion of the transaction, the chief operating officer now directly owns 1,466,119 shares of the company’s stock, valued at $137,800,524.81. The trade was a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 677,875 shares of company stock valued at $76,732,994.

Hedge Funds Weigh In On Reddit

Several hedge funds have recently bought and sold shares of RDDT. Vanguard Group Inc. increased its position in Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after buying an additional 5,950,909 shares in the last quarter. Alliancebernstein L.P. increased its position in Reddit by 103.0% during the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock worth $593,733,000 after buying an additional 2,871,232 shares in the last quarter. Brooklyn FI LLC purchased a new position in Reddit during the fourth quarter worth $303,082,000. GQG Partners LLC purchased a new position in Reddit during the fourth quarter worth $271,539,000. Finally, Whale Rock Capital Management LLC purchased a new position in Reddit during the fourth quarter worth $204,054,000.

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.