Wall Street Zen upgraded shares of Reddit (NYSE:RDDT – Free Report) from a hold rating to a buy rating in a research note published on Saturday.
A number of other research firms have also recently weighed in on RDDT. Sanford C. Bernstein reissued a “market perform” rating and issued a $180.00 price objective on shares of Reddit in a research report on Friday. Jefferies Financial Group set a $250.00 target price on Reddit in a research report on Friday, July 10th. KeyCorp started coverage on Reddit in a research note on Wednesday, July 29th. They issued an “overweight” rating and a $225.00 price target on the stock. Piper Sandler reissued an “overweight” rating and issued a $195.00 price target (down from $215.00) on shares of Reddit in a report on Friday. Finally, Wells Fargo & Company lowered their price objective on Reddit from $187.00 to $142.00 and set an “equal weight” rating for the company in a research note on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $220.90.
Get Our Latest Analysis on RDDT
Reddit Trading Up 10.4%
Reddit (NYSE:RDDT – Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.30. Reddit had a net margin of 31.35% and a return on equity of 29.97%. The business had revenue of $804.91 million during the quarter, compared to analyst estimates of $731.00 million. During the same period last year, the business earned $0.45 EPS. The business’s revenue was up 61.0% on a year-over-year basis. On average, research analysts expect that Reddit will post 4.85 EPS for the current fiscal year.
Insider Activity
In related news, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the completion of the sale, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at $172,541,252.52. This represents a 3.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total transaction of $161,600.00. Following the completion of the transaction, the chief accounting officer directly owned 15,060 shares in the company, valued at $3,012,000. This represents a 5.09% decrease in their position. 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 sold 151,141 shares of company stock valued at $25,588,445. Company insiders own 28.48% of the company’s stock.
Institutional Trading of Reddit
Hedge funds have recently made changes to their positions in the stock. Sunbelt Securities Inc. grew its stake in Reddit by 87.5% during the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock worth $26,000 after buying an additional 91 shares during the last quarter. Ascentis Independent Advisors bought a new stake in Reddit in the first quarter valued at $30,000. LOM Asset Management Ltd bought a new stake in Reddit in the fourth quarter valued at $33,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Reddit by 48.1% during the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock valued at $34,000 after acquiring an additional 64 shares during the period. Finally, Beacon Investment Advisory Services Inc. acquired a new position in shares of Reddit during the second quarter valued at $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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