Reddit (NYSE:RDDT) Upgraded at Wall Street Zen

Reddit (NYSE:RDDT) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday.

Several other brokerages have also commented on RDDT. Cantor Fitzgerald reduced 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. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 29th. Jefferies Financial Group reduced their price target on shares of Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a research report on Tuesday, March 10th. Truist Financial lifted their price target on shares of Reddit from $270.00 to $275.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $242.19.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $124.54 on Tuesday. The firm has a market capitalization of $23.79 billion, a PE ratio of 47.54, a price-to-earnings-growth ratio of 0.89 and a beta of 2.41. Reddit has a 52-week low of $79.75 and a 52-week high of $282.95. The firm has a fifty day moving average of $153.54 and a 200 day moving average of $197.23.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The business had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. During the same quarter last year, the business posted $0.36 earnings per share. The company’s revenue for the quarter was up 69.7% on a year-over-year basis. On average, sell-side analysts forecast that Reddit will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $132.86, for a total value of $2,391,480.00. Following the completion of the sale, the chief executive officer owned 411,195 shares in the company, valued at approximately $54,631,367.70. The trade was a 4.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Christopher Brian Slowe sold 9,500 shares of the stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $141.28, for a total value of $1,342,160.00. Following the sale, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at approximately $5,426,988.64. This trade represents a 19.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders bought 61,000 shares of company stock worth $8,870,815 and sold 355,078 shares worth $65,408,023. 34.25% of the stock is owned by insiders.

Institutional Investors Weigh In On Reddit

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Raiffeisen Bank International AG bought a new stake in Reddit in the 3rd quarter worth $25,000. GW&K Investment Management LLC bought a new position in shares of Reddit during the third quarter valued at about $30,000. Cornerstone Planning Group LLC boosted its holdings in shares of Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the period. LOM Asset Management Ltd bought a new stake in shares of Reddit in the fourth quarter worth about $33,000. Finally, Noble Wealth Management PBC bought a new stake in shares of Reddit in the fourth quarter worth about $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.