Reddit (NYSE:RDDT) Now Covered by DA Davidson

DA Davidson started coverage on shares of Reddit (NYSE:RDDT) in a report published on Tuesday, MarketBeat.com reports. The firm issued a buy rating and a $200.00 price target on the stock.

Several other equities analysts also recently weighed in on the stock. Evercore reiterated an “outperform” rating and issued a $290.00 price target on shares of Reddit in a report on Friday, February 6th. Cantor Fitzgerald lowered their price objective on Reddit from $240.00 to $170.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. Argus set a $300.00 price objective on Reddit in a research report on Friday, January 9th. Citigroup initiated coverage on Reddit in a research report on Tuesday. They issued a “buy” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $285.00 price objective on shares of Reddit in a research report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $236.07.

Reddit Trading Down 5.6%

Shares of NYSE:RDDT opened at $157.03 on Tuesday. Reddit has a twelve month low of $94.89 and a twelve month high of $282.95. The company’s 50 day moving average is $142.26 and its 200 day moving average is $186.54. The company has a market cap of $30.00 billion, a PE ratio of 59.94, a price-to-earnings-growth ratio of 1.21 and a beta of 2.40.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The company had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. During the same quarter in the prior year, the company earned $0.36 EPS. Reddit’s quarterly revenue was up 69.7% on a year-over-year basis. Equities research analysts predict that Reddit will post 4.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the transaction, the chief operating officer owned 1,088,451 shares in the company, valued at $175,752,182.97. This trade represents a 3.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $158.40, for a total value of $2,851,200.00. Following the transaction, the chief executive officer owned 411,195 shares in the company, valued at $65,133,288. This trade represents a 4.19% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have acquired 61,000 shares of company stock worth $8,870,815 and have sold 312,441 shares worth $47,147,539. Corporate insiders own 34.25% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Raiffeisen Bank International AG purchased a new position in shares of Reddit during the 3rd quarter valued at approximately $25,000. GW&K Investment Management LLC purchased a new position in shares of Reddit during the 3rd quarter valued at approximately $30,000. Cornerstone Planning Group LLC lifted its position in shares of Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after buying an additional 135 shares in the last quarter. LOM Asset Management Ltd purchased a new position in shares of Reddit during the 4th quarter valued at approximately $33,000. Finally, Noble Wealth Management PBC purchased a new position in shares of Reddit during the 4th quarter valued at approximately $34,000.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.