KeyCorp Upgrades Reddit (NYSE:RDDT) to “Strong-Buy”

Reddit (NYSE:RDDT) was upgraded by analysts at KeyCorp to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. Loop Capital reaffirmed a “buy” rating and issued a $260.00 price target on shares of Reddit in a research note on Thursday, June 4th. DA Davidson reissued a “buy” rating and issued a $200.00 price objective on shares of Reddit in a research report on Thursday, July 23rd. Wall Street Zen downgraded shares of Reddit from a “buy” rating to a “hold” rating in a research note on Sunday, May 10th. Wells Fargo & Company raised their target price on shares of Reddit from $176.00 to $187.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Finally, Raymond James Financial set a $180.00 price target on shares of Reddit and gave the company a “market perform” rating in a research note on Friday, May 1st. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $232.23.

Reddit Stock Down 0.3%

Shares of Reddit stock opened at $177.97 on Tuesday. The stock’s fifty day moving average is $176.17 and its two-hundred day moving average is $165.56. Reddit has a 52 week low of $119.27 and a 52 week high of $282.95. The company has a market capitalization of $34.26 billion, a PE ratio of 50.85 and a beta of 1.93.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.39. The business had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The business’s revenue for the quarter was up 69.1% compared to the same quarter last year. During the same period last year, the company earned $0.13 earnings per share. As a group, research analysts anticipate that Reddit will post 4.85 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the transaction, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $66,636,083.64. This trade represents a 4.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of the business’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total transaction of $161,600.00. Following the completion of the sale, the chief accounting officer owned 15,060 shares of the company’s stock, valued at approximately $3,012,000. This represents a 5.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 169,141 shares of company stock valued at $28,680,845. Company insiders own 28.48% of the company’s stock.

Institutional Trading of Reddit

Hedge funds have recently bought and sold shares of the stock. Sunbelt Securities Inc. increased its holdings in shares of Reddit by 87.5% in the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after acquiring an additional 91 shares during the period. Ascentis Independent Advisors bought a new position in shares of Reddit in the 1st quarter worth $30,000. LOM Asset Management Ltd purchased a new stake in shares of Reddit during the 4th quarter worth $33,000. EverSource Wealth Advisors LLC lifted its stake in shares of Reddit by 48.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after purchasing an additional 64 shares during the last quarter. Finally, Beacon Investment Advisory Services Inc. bought a new stake in Reddit during the second quarter valued at about $35,000.

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.