Reddit (NYSE:RDDT) Upgraded by Wall Street Zen to Buy Rating

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 Tuesday.

RDDT has been the topic of a number of other research reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 29th. Jefferies Financial Group decreased their price target on shares of Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. JPMorgan Chase & Co. cut their price objective on Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. The Goldman Sachs Group reduced their target price on Reddit from $236.00 to $206.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Finally, China Renaissance assumed coverage on Reddit in a research report on Tuesday, December 9th. They issued a “buy” rating and a $300.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and an average target price of $242.19.

Reddit Stock Up 2.2%

Shares of RDDT stock opened at $124.54 on Tuesday. The stock has a fifty day moving average of $153.54 and a 200 day moving average of $197.23. Reddit has a 52 week low of $79.75 and a 52 week high of $282.95. The firm has a market capitalization of $23.79 billion, a price-to-earnings ratio of 47.54, a PEG ratio of 0.89 and a beta of 2.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share (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 business had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. During the same period in the previous year, the firm earned $0.36 EPS. The company’s quarterly revenue was up 69.7% compared to the same quarter last year. Equities research analysts anticipate that Reddit will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 19,036 shares of the stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $144.05, for a total value of $2,742,135.80. Following the completion of the transaction, the chief technology officer directly owned 185,057 shares in the company, valued at $26,657,460.85. This trade represents a 9.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 33,507 shares of the business’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $143.41, for a total transaction of $4,805,238.87. Following the sale, the chief operating officer directly owned 1,088,451 shares in the company, valued at $156,094,757.91. The trade was a 2.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders purchased 61,000 shares of company stock worth $8,870,815 and sold 355,078 shares worth $65,408,023. 34.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Reddit by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock worth $3,062,339,000 after purchasing an additional 1,083,540 shares during the last quarter. Capital World Investors bought a new position in Reddit during the fourth quarter valued at approximately $1,293,258,000. State Street Corp lifted its holdings in shares of Reddit by 6.0% during the 4th quarter. State Street Corp now owns 2,631,332 shares of the company’s stock valued at $604,864,000 after buying an additional 149,401 shares during the period. Geode Capital Management LLC lifted its holdings in Reddit by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock valued at $546,789,000 after acquiring an additional 106,821 shares during the period. Finally, Morgan Stanley increased its position in shares of Reddit by 11.4% during the 4th quarter. Morgan Stanley now owns 2,372,443 shares of the company’s stock valued at $545,354,000 after purchasing an additional 242,709 shares during the last quarter.

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.