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

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

Several other research analysts also recently commented on RDDT. Citigroup boosted their target price on Reddit from $250.00 to $265.00 and gave the stock a “buy” rating in a research note on Monday, November 3rd. Truist Financial set a $270.00 target price on shares of Reddit in a report on Friday, October 31st. Raymond James Financial reaffirmed a “strong-buy” rating and set a $250.00 price objective (up previously from $225.00) on shares of Reddit in a research report on Monday, October 20th. B. Riley reaffirmed a “buy” rating and set a $245.00 price target (up from $235.00) on shares of Reddit in a research note on Friday, October 31st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Reddit from $190.00 to $227.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $230.28.

Reddit Trading Down 3.9%

NYSE RDDT opened at $224.38 on Friday. The company has a 50 day moving average of $206.31 and a 200-day moving average of $191.61. The company has a market cap of $42.52 billion, a price-to-earnings ratio of 128.95, a PEG ratio of 2.48 and a beta of 2.17. Reddit has a 1-year low of $79.75 and a 1-year high of $282.95.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.30. The company had revenue of $584.91 million for the quarter, compared to analyst estimates of $546.65 million. Reddit had a return on equity of 14.94% and a net margin of 18.33%.Reddit’s quarterly revenue was up 67.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.16 EPS. On average, equities research analysts forecast that Reddit will post 1.12 earnings per share for the current year.

Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $215.19, for a total transaction of $3,873,420.00. Following the completion of the transaction, the chief executive officer owned 448,576 shares of the company’s stock, valued at approximately $96,529,069.44. The trade was a 3.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jennifer L. Wong sold 63,427 shares of the company’s stock in a transaction on 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 completion of the transaction, the chief operating officer directly owned 1,184,528 shares in the company, valued at approximately $228,282,236.16. The trade was a 5.08% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 405,619 shares of company stock worth $85,742,898. Company insiders own 34.25% of the company’s stock.

Institutional Investors Weigh In On Reddit

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Resona Asset Management Co. Ltd. purchased a new stake in shares of Reddit during the 1st quarter valued at $2,119,000. Gulf International Bank UK Ltd purchased a new position in Reddit in the 1st quarter worth approximately $204,000. Fjarde AP Fonden Fourth Swedish National Pension Fund bought a new stake in Reddit during the 1st quarter valued at $2,046,000. Kovitz Investment Group Partners LLC boosted its holdings in shares of Reddit by 78.7% during the first quarter. Kovitz Investment Group Partners LLC now owns 2,271 shares of the company’s stock worth $238,000 after purchasing an additional 1,000 shares during the period. Finally, American Century Companies Inc. grew its position in shares of Reddit by 35.0% in the 1st quarter. American Century Companies Inc. now owns 11,523 shares of the company’s stock worth $1,209,000 after buying an additional 2,987 shares during the last quarter.

Reddit Company Profile

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.