Reddit (NYSE:RDDT) Upgraded at Wall Street Zen

by · The Markets Daily

Wall Street Zen upgraded shares of Reddit (NYSE:RDDT – Free Report) from a hold rating to a buy rating in a research note issued to investors on Saturday.

Several other analysts have also commented on the stock. Oppenheimer lowered their price target on shares of Reddit from $300.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, February 6th. B. Riley Financial increased their target price on Reddit from $245.00 to $250.00 and gave the company a “buy” rating in a report on Friday, February 6th. China Renaissance initiated coverage on Reddit in a report on Tuesday, December 9th. They issued a “buy” rating and a $300.00 price target for the company. 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. Finally, Evercore reiterated an “outperform” rating and set a $290.00 price objective on shares of Reddit in a research report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $240.93.

Check Out Our Latest Stock Analysis on RDDT

Reddit Stock Up 6.5%

NYSE:RDDT opened at $139.62 on Friday. Reddit has a 52-week low of $79.75 and a 52-week high of $282.95. The stock has a fifty day simple moving average of $210.83 and a 200-day simple moving average of $215.18. The company has a market capitalization of $26.67 billion, a PE ratio of 53.29, a price-to-earnings-growth ratio of 1.04 and a beta of 2.18.

Reddit (NYSE:RDDT – Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. During the same period in the prior year, the company earned $0.36 EPS. The firm’s revenue was up 69.7% on a year-over-year basis. As a group, equities analysts anticipate that Reddit will post 1.12 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 Reddit stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $183.18, for a total transaction of $3,297,240.00. Following the transaction, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at $82,170,151.68. The trade was a 3.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CTO Christopher Brian Slowe sold 11,464 shares of Reddit stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $149.74, for a total transaction of $1,716,619.36. Following the transaction, the chief technology officer owned 165,694 shares in the company, valued at $24,811,019.56. The trade was a 6.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 502,975 shares of company stock worth $109,585,305. 34.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Okabena Investment Services Inc. boosted its position in shares of Reddit by 7.5% in the fourth quarter. Okabena Investment Services Inc. now owns 7,409 shares of the company’s stock worth $1,703,000 after buying an additional 520 shares during the period. Silvant Capital Management LLC grew its position in Reddit by 16.6% in the fourth quarter. Silvant Capital Management LLC now owns 41,953 shares of the company’s stock valued at $9,644,000 after acquiring an additional 5,978 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its position in Reddit by 214.3% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 220 shares of the company’s stock valued at $51,000 after acquiring an additional 150 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in shares of Reddit by 24.3% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 11,252 shares of the company’s stock worth $2,586,000 after purchasing an additional 2,199 shares in the last quarter. Finally, Panagora Asset Management Inc. lifted its position in shares of Reddit by 218.3% during the fourth quarter. Panagora Asset Management Inc. now owns 13,841 shares of the company’s stock worth $3,182,000 after purchasing an additional 9,493 shares in the last quarter.

About Reddit

(Get Free Report)

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.

Read More