Guggenheim Reaffirms Buy Rating for Reddit (NYSE:RDDT)

Guggenheim reissued their buy rating on shares of Reddit (NYSE:RDDT) in a report published on Tuesday,Benzinga reports. The brokerage currently has a $165.00 price objective on the stock.

Several other research firms have also recently weighed in on RDDT. Roth Capital reaffirmed a “neutral” rating on shares of Reddit in a research report on Friday, May 2nd. Truist Financial assumed coverage on Reddit in a research report on Monday, April 7th. They set a “buy” rating and a $150.00 price target on the stock. Loop Capital decreased their price objective on Reddit from $210.00 to $200.00 and set a “buy” rating for the company in a report on Thursday, June 12th. Seaport Res Ptn raised Reddit from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 5th. Finally, The Goldman Sachs Group upped their target price on shares of Reddit from $124.00 to $140.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $139.57.

Reddit Stock Performance

RDDT opened at $143.93 on Tuesday. The stock has a market capitalization of $26.56 billion, a PE ratio of 243.96, a price-to-earnings-growth ratio of 3.64 and a beta of 1.99. The stock’s 50 day moving average price is $115.75 and its 200-day moving average price is $142.04. Reddit has a 52-week low of $49.13 and a 52-week high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.02 by $0.11. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The business had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. During the same period in the prior year, the business earned ($8.19) EPS. The company’s revenue for the quarter was up 61.5% on a year-over-year basis. Research analysts forecast that Reddit will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In related news, CTO Christopher Brian Slowe sold 16,000 shares of the company’s stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $136.47, for a total transaction of $2,183,520.00. Following the completion of the sale, the chief technology officer now owns 246,373 shares in the company, valued at approximately $33,622,523.31. This represents a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $103.28, for a total value of $1,445,920.00. Following the completion of the transaction, the chief executive officer now directly owns 577,013 shares in the company, valued at approximately $59,593,902.64. This represents a 2.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 613,785 shares of company stock worth $68,398,890. Company insiders own 34.25% of the company’s stock.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Signaturefd LLC increased its stake in shares of Reddit by 3.5% in the 1st quarter. Signaturefd LLC now owns 2,859 shares of the company’s stock worth $300,000 after purchasing an additional 97 shares in the last quarter. Proficio Capital Partners LLC raised its stake in shares of Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after buying an additional 120 shares during the period. CWM LLC raised its stake in shares of Reddit by 100.0% in the first quarter. CWM LLC now owns 256 shares of the company’s stock worth $27,000 after buying an additional 128 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after buying an additional 147 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Reddit by 12.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,323 shares of the company’s stock worth $139,000 after acquiring an additional 147 shares in 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.