Reddit (NYSE:RDDT) Stock Rating Lowered by Wall Street Zen

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

A number of other brokerages have also recently commented on RDDT. Deutsche Bank Aktiengesellschaft set a $200.00 price target on Reddit in a research note on Friday, July 31st. Needham & Company LLC reissued a “buy” rating and set a $300.00 price objective on shares of Reddit in a research note on Wednesday, June 24th. Roth Capital restated a “neutral” rating and set a $145.00 price objective on shares of Reddit in a report on Monday, August 3rd. Loop Capital reaffirmed a “buy” rating and issued a $260.00 target price on shares of Reddit in a research note on Thursday, June 4th. Finally, Citizens Jmp cut their target price on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $220.90.

Reddit Stock Down 1.9%

NYSE:RDDT opened at $158.66 on Friday. Reddit has a 12-month low of $119.27 and a 12-month high of $282.95. The firm has a market capitalization of $30.53 billion, a P/E ratio of 36.90, a P/E/G ratio of 0.54 and a beta of 2.04. The stock’s fifty day simple moving average is $176.30 and its 200-day simple moving average is $160.94.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, July 30th. The company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The business had revenue of $804.91 million during the quarter, compared to the consensus estimate of $731.00 million. During the same quarter in the prior year, the company posted $0.45 earnings per share. The firm’s revenue was up 61.0% on a year-over-year basis. As a group, equities research analysts expect that Reddit will post 5.22 earnings per share for the current year.

Insider Activity at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 808 shares of Reddit stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total value of $161,600.00. Following the transaction, the chief accounting officer owned 15,060 shares of the company’s stock, valued at approximately $3,012,000. The trade was a 5.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the completion of the transaction, the chief executive officer owned 373,814 shares of the company’s stock, valued at $66,636,083.64. This trade represents a 4.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 169,141 shares of company stock worth $28,464,485. 28.48% of the stock is owned by company insiders.

Institutional Investors Weigh In On Reddit

Institutional investors have recently added to or reduced their stakes in the stock. Evansbrook LLC lifted its holdings in Reddit by 2.2% during the 1st quarter. Evansbrook LLC now owns 2,736 shares of the company’s stock worth $368,000 after buying an additional 59 shares during the period. Institute for Wealth Management LLC. increased its stake in shares of Reddit by 6.1% in the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after buying an additional 62 shares during the period. Signaturefd LLC raised its position in shares of Reddit by 7.6% during the second quarter. Signaturefd LLC now owns 878 shares of the company’s stock worth $152,000 after acquiring an additional 62 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Reddit by 48.1% during the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after acquiring an additional 64 shares during the last quarter. Finally, Florida Financial Advisors LLC lifted its stake in shares of Reddit by 6.7% in the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after acquiring an additional 68 shares during the period.

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.