Reddit (NYSE:RDDT) Raised to Buy at Wall Street Zen

Reddit (NYSE:RDDT) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Tuesday.

Several other brokerages also recently weighed in on RDDT. JPMorgan Chase & Co. reduced their price target on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 29th. Roth Mkm lifted their target price on Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a report on Friday, January 30th. B. Riley Financial boosted their price target on Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. Finally, Argus set a $300.00 price target on Reddit in a report on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $242.19.

Reddit Price Performance

Shares of Reddit stock opened at $136.41 on Tuesday. Reddit has a 1 year low of $79.75 and a 1 year high of $282.95. The firm’s 50-day moving average is $150.24 and its 200 day moving average is $195.96. The stock has a market cap of $26.06 billion, a price-to-earnings ratio of 52.07, a PEG ratio of 0.98 and a beta of 2.39.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. The business had revenue of $725.61 million during the quarter, compared to analyst estimates of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. Reddit’s revenue was up 69.7% compared to the same quarter last year. During the same period last year, the business earned $0.36 EPS. On average, equities analysts expect that Reddit will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other news, CAO Michelle Marie Reynolds sold 2,291 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $143.59, for a total transaction of $328,964.69. Following the transaction, the chief accounting officer directly owned 17,133 shares of the company’s stock, valued at $2,460,127.47. This represents a 11.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Jennifer L. Wong sold 33,507 shares of the firm’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $143.41, for a total value of $4,805,238.87. Following the completion of the transaction, the chief operating officer owned 1,088,451 shares in the company, valued at approximately $156,094,757.91. This trade represents a 2.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders bought 61,000 shares of company stock worth $8,870,815 and sold 337,078 shares worth $61,254,343. 34.25% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. NewEdge Advisors LLC increased its holdings in Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after buying an additional 4,701 shares during the last quarter. Empowered Funds LLC purchased a new position in shares of Reddit during the 1st quarter worth $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Reddit by 106.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after acquiring an additional 111,780 shares during the last quarter. Focus Partners Wealth grew its position in shares of Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock valued at $1,073,000 after acquiring an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. grew its position in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares during the period.

Reddit Company Profile

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.