Reddit (NYSE:RDDT – Get Free Report) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.
A number of other equities analysts also recently issued reports on RDDT. Loop Capital reaffirmed a “buy” rating and issued a $260.00 price target on shares of Reddit in a report on Thursday, June 4th. UBS Group reissued a “buy” rating on shares of Reddit in a report on Friday, July 31st. Morgan Stanley reduced their price objective on shares of Reddit from $240.00 to $210.00 and set an “overweight” rating for the company in a research report on Friday, August 21st. Wall Street Zen cut shares of Reddit from a “buy” rating to a “hold” rating in a report on Sunday, August 9th. Finally, Roth Capital reaffirmed a “neutral” rating and issued a $145.00 target price on shares of Reddit in a research report on Monday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $221.10.
View Our Latest Analysis on RDDT
Reddit Stock Performance
Reddit (NYSE:RDDT – Get Free Report) 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 for the quarter, compared to the consensus estimate of $731.00 million. During the same quarter in the prior year, the business posted $0.45 EPS. The business’s revenue for the quarter was up 61.0% on a year-over-year basis. On average, equities research analysts predict that Reddit will post 5.27 EPS for the current year.
Insider Transactions at Reddit
In related news, CAO Michelle Marie Reynolds sold 808 shares of the company’s stock in a transaction 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 completion of the sale, the chief accounting officer owned 15,060 shares in the company, valued at $3,012,000. This represents a 5.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $173.13, for a total transaction of $3,116,340.00. Following the sale, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $64,718,417.82. This represents a 4.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 204,974 shares of company stock worth $36,025,162. Insiders own 28.48% of the company’s stock.
Institutional Investors Weigh In On Reddit
A number of institutional investors and hedge funds have recently made changes to their positions in RDDT. Truist Financial Corp grew its holdings in shares of Reddit by 67.7% in the 4th quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock worth $3,600,000 after acquiring an additional 6,321 shares during the period. Swiss Life Asset Management Ltd raised its holdings in Reddit by 63.2% during the fourth quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock worth $7,357,000 after purchasing an additional 12,398 shares during the last quarter. Handelsbanken Fonder AB raised its holdings in Reddit by 22.9% during the fourth quarter. Handelsbanken Fonder AB now owns 37,000 shares of the company’s stock worth $8,505,000 after purchasing an additional 6,900 shares during the last quarter. Berkshire Capital Holdings Inc. boosted its position in Reddit by 326,400.0% during the fourth quarter. Berkshire Capital Holdings Inc. now owns 32,650 shares of the company’s stock worth $7,505,000 after purchasing an additional 32,640 shares in the last quarter. Finally, Norges Bank purchased a new stake in Reddit during the fourth quarter worth $372,047,000.
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.
Read More
- Five stocks we like better than Reddit
- Williams-Sonoma’s Quarter Gave Bulls More Than Just a Beat-and-Raise
- Alcoa’s Gallium Project Opens a New Door Beyond Aluminum
- Oura’s $16 Billion IPO Could Put a New Price on Wearable Tech
- Can Tesla’s Flying Roadster Distract From Its Real Risks?
Receive News & Ratings for Reddit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reddit and related companies with MarketBeat.com's FREE daily email newsletter.
