Reddit (NYSE:RDDT – Get Free Report) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.
A number of other equities analysts have also weighed in on the stock. Rothschild & Co Redburn set a $110.00 target price on shares of Reddit in a research report on Monday, April 27th. Loop Capital reiterated a “buy” rating and issued a $260.00 price target on shares of Reddit in a research note on Thursday, June 4th. Raymond James Financial set a $180.00 price objective on shares of Reddit and gave the company a “market perform” rating in a report on Friday, May 1st. Oppenheimer reaffirmed an “outperform” rating and issued a $225.00 target price on shares of Reddit in a report on Friday, May 1st. Finally, Citizens Jmp decreased their target price on Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $232.23.
Read Our Latest Analysis on RDDT
Reddit Trading Down 0.3%
Reddit (NYSE:RDDT – Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The business had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. During the same period in the prior year, the company posted $0.13 EPS. The firm’s revenue for the quarter was up 69.1% compared to the same quarter last year. Equities research analysts predict that Reddit will post 4.85 earnings per share for the current year.
Insider Activity
In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction that occurred 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 directly owned 373,814 shares of the company’s stock, valued at $64,718,417.82. The trade was a 4.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,166 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total value of $6,930,032.04. Following the sale, the chief operating officer owned 1,050,339 shares in the company, valued at approximately $185,846,982.66. This trade represents a 3.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 169,141 shares of company stock worth $28,680,845. 28.48% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Reddit
Several large investors have recently modified their holdings of the stock. Sunbelt Securities Inc. raised its holdings in Reddit by 87.5% during the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after buying an additional 91 shares during the period. Ascentis Independent Advisors bought a new position in Reddit during the first quarter valued at $30,000. LOM Asset Management Ltd purchased a new stake in shares of Reddit in the fourth quarter valued at $33,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Reddit by 48.1% in the 2nd 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, Beacon Investment Advisory Services Inc. bought a new stake in shares of Reddit in the 2nd quarter worth about $35,000.
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.
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