Reddit (NYSE:RDDT) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Reddit (NYSE:RDDT) from a hold rating to a buy rating in a research report report published on Sunday.

Other research analysts also recently issued reports about the company. Argus set a $300.00 price objective on Reddit in a research note on Friday, January 9th. UBS Group set a $265.00 target price on shares of Reddit in a research note on Tuesday, January 13th. B. Riley Financial lifted their price target on shares of Reddit from $245.00 to $250.00 and gave the company a “buy” rating in a report on Friday, February 6th. The Goldman Sachs Group dropped their price target on shares of Reddit from $236.00 to $206.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Finally, Robert W. Baird set a $200.00 price objective on shares of Reddit in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $236.00.

Reddit Stock Performance

NYSE RDDT opened at $132.21 on Friday. The business’s fifty day moving average is $177.60 and its 200 day moving average is $204.88. Reddit has a fifty-two week low of $79.75 and a fifty-two week high of $282.95. The company has a market capitalization of $25.26 billion, a PE ratio of 50.46, a price-to-earnings-growth ratio of 0.96 and a beta of 2.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $665.80 million. During the same quarter in the prior year, the business posted $0.36 earnings per share. The business’s quarterly revenue 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 year.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 31st. The stock was sold at an average price of $230.76, for a total value of $4,153,680.00. Following the completion of the transaction, the chief executive officer directly owned 448,576 shares in the company, valued at $103,513,397.76. This represents a 3.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $234.37, for a total value of $9,179,569.79. Following the completion of the transaction, the chief operating officer owned 1,184,528 shares of the company’s stock, valued at $277,617,827.36. The trade was a 3.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 415,335 shares of company stock worth $85,174,319 in the last quarter. 34.25% of the stock is owned by insiders.

Hedge Funds Weigh In On Reddit

Hedge funds and other institutional investors have recently modified their holdings of the stock. Raiffeisen Bank International AG purchased a new position in Reddit during the third quarter valued at $25,000. GW&K Investment Management LLC purchased a new stake in Reddit in the 3rd quarter worth $30,000. Cornerstone Planning Group LLC boosted its holdings 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 purchasing an additional 135 shares during the last quarter. LOM Asset Management Ltd bought a new position in shares of Reddit during the 4th quarter valued at about $33,000. Finally, Noble Wealth Management PBC purchased a new position in shares of Reddit during the fourth quarter valued at about $34,000.

About Reddit

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.