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

Wall Street Zen upgraded shares of Reddit (NYSE:RDDT) from a hold rating to a buy rating in a research report sent to investors on Tuesday.

A number of other equities analysts have also recently commented on RDDT. Zacks Research cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. B. Riley Financial raised their price objective on shares of Reddit from $245.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Evercore reaffirmed an “outperform” rating and set a $290.00 price objective on shares of Reddit in a report on Friday, February 6th. Truist Financial increased their target price on Reddit from $270.00 to $275.00 and gave the company a “buy” rating in a research note on Friday, February 6th. Finally, JPMorgan Chase & Co. cut their price objective on Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $242.19.

Reddit Stock Up 8.5%

NYSE:RDDT opened at $134.65 on Tuesday. The business’s 50-day moving average price is $151.72 and its two-hundred day moving average price is $196.38. Reddit has a twelve month low of $79.75 and a twelve month high of $282.95. The stock has a market cap of $25.72 billion, a P/E ratio of 51.39, a PEG ratio of 0.90 and a beta of 2.40.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $0.96 by $0.28. The company had revenue of $725.61 million during the quarter, compared to analyst estimates of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.Reddit’s revenue was up 69.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.36 earnings per share. On average, equities research analysts expect that Reddit will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 19,036 shares of the company’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $144.05, for a total transaction of $2,742,135.80. Following the completion of the sale, the chief technology officer directly owned 185,057 shares in the company, valued at $26,657,460.85. This represents a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 33,507 shares of the firm’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $143.41, for a total value of $4,805,238.87. Following the transaction, the chief operating officer directly owned 1,088,451 shares in the company, valued at $156,094,757.91. This trade represents a 2.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have purchased 61,000 shares of company stock worth $8,870,815 and have sold 337,078 shares worth $61,254,343. 34.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently modified their holdings of the stock. NewEdge Advisors LLC increased its stake in Reddit by 143.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after purchasing an additional 4,701 shares during the period. Empowered Funds LLC purchased a new stake in shares of Reddit during the first quarter valued at approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Reddit by 106.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after purchasing an additional 111,780 shares during the period. Focus Partners Wealth grew its holdings in shares of Reddit by 40.8% in the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after purchasing an additional 2,965 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in shares of Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the last quarter.

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.