Reddit (NYSE:RDDT) Earns Buy Rating from Analysts at DA Davidson

DA Davidson started coverage on shares of Reddit (NYSE:RDDT) in a report issued on Tuesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $200.00 price target on the stock. DA Davidson’s price target would suggest a potential upside of 20.39% from the stock’s current price.

Several other equities analysts have also commented on the company. Oppenheimer dropped their target price on Reddit from $300.00 to $250.00 and set an “outperform” rating on the stock in a report on Friday, February 6th. Roth Mkm increased their target price on Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a report on Friday, January 30th. JPMorgan Chase & Co. dropped their target price on Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Argus set a $300.00 target price on Reddit in a report on Friday, January 9th. Finally, Robert W. Baird set a $200.00 price objective on Reddit in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $236.07.

Reddit Trading Up 1.4%

Reddit stock opened at $166.13 on Tuesday. Reddit has a twelve month low of $90.78 and a twelve month high of $282.95. The stock’s fifty day simple moving average is $142.12 and its 200-day simple moving average is $186.89. The firm has a market capitalization of $31.74 billion, a P/E ratio of 63.41, a P/E/G ratio of 1.19 and a beta of 2.40.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. The business had revenue of $725.61 million for 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%.The company’s revenue was up 69.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 earnings per share. Sell-side analysts predict that Reddit will post 4.02 earnings per share for the current year.

Insider Transactions at Reddit

In other Reddit news, Director Sarah E. Farrell bought 43,800 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The stock was acquired at an average price of $149.52 per share, for a total transaction of $6,548,976.00. Following the completion of the purchase, the director owned 43,800 shares of the company’s stock, valued at approximately $6,548,976. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 19,036 shares of the stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $144.05, for a total transaction of $2,742,135.80. Following the sale, the chief technology officer owned 185,057 shares of the company’s stock, valued at $26,657,460.85. This trade represents a 9.33% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders purchased 61,000 shares of company stock worth $8,870,815 and sold 312,441 shares worth $47,147,539. 34.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently made changes to their positions in RDDT. Raiffeisen Bank International AG acquired a new stake in shares of Reddit during the third quarter worth about $25,000. GW&K Investment Management LLC acquired a new stake in shares of Reddit during the third quarter worth about $30,000. Cornerstone Planning Group LLC boosted its stake in shares of Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after buying an additional 135 shares during the period. LOM Asset Management Ltd acquired a new stake in shares of Reddit during the fourth quarter worth about $33,000. Finally, Noble Wealth Management PBC acquired a new stake in shares of Reddit during the fourth quarter worth about $34,000.

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.