Reddit (NYSE:RDDT) Now Covered by Analysts at China Renaissance

China Renaissance initiated coverage on shares of Reddit (NYSE:RDDT) in a report issued on Tuesday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $300.00 price objective on the stock.

Other equities research analysts have also issued reports about the company. Oppenheimer lifted their price objective on Reddit from $215.00 to $300.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 16th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Reddit in a report on Wednesday, October 1st. Roth Capital set a $210.00 price objective on shares of Reddit in a report on Friday, October 31st. Wall Street Zen cut shares of Reddit from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Morgan Stanley reiterated an “overweight” rating and set a $250.00 price target on shares of Reddit in a research report on Friday, October 31st. Three analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $229.28.

Reddit Trading Down 0.5%

RDDT stock opened at $235.84 on Tuesday. The stock has a market capitalization of $44.69 billion, a price-to-earnings ratio of 135.54, a PEG ratio of 2.61 and a beta of 2.17. The firm’s 50-day moving average price is $204.61 and its two-hundred day moving average price is $189.51. Reddit has a 12-month low of $79.75 and a 12-month high of $282.95.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.30. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The company had revenue of $584.91 million for the quarter, compared to analysts’ expectations of $546.65 million. During the same period last year, the firm earned $0.16 earnings per share. Reddit’s quarterly revenue was up 67.9% on a year-over-year basis. Equities analysts predict that Reddit will post 1.12 EPS for the current year.

Insider Activity

In related news, CTO Christopher Brian Slowe sold 24,000 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $192.72, for a total transaction of $4,625,280.00. Following the completion of the sale, the chief technology officer owned 175,694 shares of the company’s stock, valued at $33,859,747.68. This trade represents a 12.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Michelle Marie Reynolds sold 3,215 shares of the business’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $186.44, for a total value of $599,404.60. Following the completion of the transaction, the chief accounting officer owned 21,807 shares of the company’s stock, valued at $4,065,697.08. This represents a 12.85% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 380,370 shares of company stock valued at $79,846,584. Company 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. US Bancorp DE increased its position in shares of Reddit by 56.9% during the 1st quarter. US Bancorp DE now owns 4,154 shares of the company’s stock valued at $436,000 after purchasing an additional 1,506 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in Reddit by 37.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,003 shares of the company’s stock worth $315,000 after purchasing an additional 825 shares in the last quarter. Blair William & Co. IL bought a new position in Reddit in the 1st quarter worth approximately $238,000. Atria Wealth Solutions Inc. grew its holdings in Reddit by 108.7% during the 1st quarter. Atria Wealth Solutions Inc. now owns 4,718 shares of the company’s stock valued at $495,000 after buying an additional 2,457 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Reddit by 2.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 655,227 shares of the company’s stock valued at $68,733,000 after buying an additional 12,771 shares during the last quarter.

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.