Reddit (NYSE:RDDT) Coverage Initiated by Analysts at Argus

Argus began coverage on shares of Reddit (NYSE:RDDT) in a report released on Monday, MarketBeat Ratings reports. The firm issued a buy rating and a $250.00 price target on the stock.

A number of other equities research analysts also recently weighed in on RDDT. Seaport Res Ptn upgraded Reddit from a “hold” rating to a “strong-buy” rating in a report on Monday, May 5th. Morgan Stanley raised their price objective on shares of Reddit from $170.00 to $230.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Citigroup raised their price objective on shares of Reddit from $158.00 to $163.00 and gave the stock a “buy” rating in a research report on Tuesday, June 24th. Roth Mkm raised their price objective on shares of Reddit from $120.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. Finally, JPMorgan Chase & Co. raised their price objective on shares of Reddit from $145.00 to $190.00 and gave the stock a “neutral” rating in a research report on Friday, August 1st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $171.83.

Reddit Price Performance

Shares of RDDT opened at $241.76 on Monday. Reddit has a 1 year low of $52.39 and a 1 year high of $253.14. The company has a market capitalization of $45.25 billion, a price-to-earnings ratio of 219.78, a price-to-earnings-growth ratio of 3.91 and a beta of 2.30. The business has a 50-day moving average of $161.49 and a 200-day moving average of $140.91.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.25. Reddit had a return on equity of 9.93% and a net margin of 12.97%. The company had revenue of $499.63 million during the quarter, compared to the consensus estimate of $424.07 million. During the same period last year, the company earned ($0.06) earnings per share. The firm’s revenue was up 77.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Reddit will post 1.12 EPS for the current year.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $142.06, for a total transaction of $4,735,428.04. Following the transaction, the chief operating officer owned 1,428,007 shares of the company’s stock, valued at $202,862,674.42. The trade was a 2.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Christopher Brian Slowe sold 26,000 shares of Reddit stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $98.43, for a total value of $2,559,180.00. Following the sale, the chief technology officer owned 251,373 shares in the company, valued at $24,742,644.39. This trade represents a 9.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 366,568 shares of company stock worth $49,223,917 in the last ninety days. Corporate insiders own 34.25% of the company’s stock.

Institutional Trading of Reddit

A number of hedge funds have recently bought and sold shares of RDDT. Rockefeller Capital Management L.P. bought a new stake in Reddit during the fourth quarter worth $1,672,000. Mariner LLC lifted its holdings in Reddit by 244.3% during the fourth quarter. Mariner LLC now owns 21,650 shares of the company’s stock worth $3,538,000 after acquiring an additional 15,361 shares during the period. Guggenheim Capital LLC bought a new stake in Reddit during the fourth quarter worth $606,000. United Capital Financial Advisors LLC bought a new stake in Reddit during the fourth quarter worth $218,000. Finally, NewEdge Advisors LLC lifted its holdings in Reddit by 446.8% during the fourth quarter. NewEdge Advisors LLC now owns 3,281 shares of the company’s stock worth $536,000 after acquiring an additional 2,681 shares during the period.

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.