China Renaissance Begins Coverage on Reddit (NYSE:RDDT)

Stock analysts at China Renaissance assumed coverage on shares of Reddit (NYSE:RDDT) in a note issued to investors on Tuesday, Marketbeat reports. The brokerage set a “buy” rating and a $300.00 price target on the stock. China Renaissance’s price objective would indicate a potential upside of 25.67% from the company’s current price.

RDDT has been the subject of a number of other reports. Sanford C. Bernstein increased their price objective on Reddit from $190.00 to $210.00 and gave the stock a “market perform” rating in a research report on Friday, October 31st. Needham & Company LLC restated a “buy” rating and set a $300.00 price target on shares of Reddit in a research note on Friday, October 31st. Argus started coverage on Reddit in a report on Monday, August 18th. They set a “buy” rating and a $250.00 price target for the company. Morgan Stanley reissued an “overweight” rating and issued a $250.00 price objective on shares of Reddit in a research note on Friday, October 31st. Finally, Wells Fargo & Company upped their price objective on shares of Reddit from $155.00 to $174.00 and gave the stock a “cautious” rating in a research report on Tuesday, October 7th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Reddit has an average rating of “Moderate Buy” and an average price target of $229.28.

Reddit Price Performance

Shares of NYSE:RDDT opened at $238.72 on Tuesday. Reddit has a 1-year low of $79.75 and a 1-year high of $282.95. The stock has a market cap of $45.24 billion, a P/E ratio of 137.19, a P/E/G ratio of 2.61 and a beta of 2.17. The firm has a fifty day moving average price of $205.33 and a 200 day moving average price of $189.85.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, October 30th. The company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.30. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The business had revenue of $584.91 million during the quarter, compared to analysts’ expectations of $546.65 million. During the same period in the prior year, the company earned $0.16 earnings per share. The business’s revenue was up 67.9% compared to the same quarter last year. Sell-side analysts expect that Reddit will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In related news, CTO Christopher Brian Slowe sold 24,000 shares of the firm’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $192.72, for a total value of $4,625,280.00. Following the completion of the sale, the chief technology officer owned 175,694 shares in the company, valued at $33,859,747.68. This trade represents a 12.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Jennifer L. Wong sold 63,427 shares of the company’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $192.72, for a total transaction of $12,223,651.44. Following the transaction, the chief operating officer owned 1,184,528 shares in the company, valued at $228,282,236.16. The trade was a 5.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 394,370 shares of company stock valued at $83,122,444 in the last ninety days. 34.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Reddit

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Reddit by 12.9% in the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after purchasing an additional 1,401,293 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of Reddit by 103.0% in the 1st quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock worth $593,733,000 after buying an additional 2,871,232 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of Reddit by 10.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,073,939 shares of the company’s stock worth $427,357,000 after buying an additional 389,761 shares in the last quarter. State Street Corp grew its stake in Reddit by 22.3% in the 3rd quarter. State Street Corp now owns 2,481,931 shares of the company’s stock valued at $570,819,000 after acquiring an additional 451,792 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Reddit by 7.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,051,175 shares of the company’s stock valued at $308,846,000 after acquiring an additional 143,680 shares in the last quarter.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.