Reddit (NYSE:RDDT) Upgraded to “Strong-Buy” at Zacks Research

Reddit (NYSE:RDDT) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the company. Raymond James Financial set a $180.00 target price on Reddit and gave the stock a “market perform” rating in a research report on Friday, May 1st. Robert W. Baird set a $200.00 target price on Reddit in a research report on Friday, February 6th. Wall Street Zen upgraded Reddit from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $285.00 price target on shares of Reddit in a report on Tuesday, January 20th. Finally, B. Riley Financial upped their price target on Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $228.61.

Reddit Stock Down 3.5%

Shares of Reddit stock opened at $165.54 on Tuesday. The stock has a market capitalization of $31.63 billion, a P/E ratio of 47.30, a PEG ratio of 1.18 and a beta of 1.85. The stock has a 50 day moving average price of $145.02 and a two-hundred day moving average price of $183.65. Reddit has a 12-month low of $94.89 and a 12-month high of $282.95.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. The firm had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company’s revenue was up 69.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.13 earnings per share. Sell-side analysts anticipate that Reddit will post 4.26 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Sarah E. Farrell bought 43,800 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The stock was acquired at an average cost 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 $6,548,976. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Friday, February 27th. The shares were sold at an average price of $145.12, for a total value of $2,612,160.00. Following the completion of the transaction, the chief executive officer owned 411,195 shares of the company’s stock, valued at $59,672,618.40. The trade was a 4.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have purchased 61,000 shares of company stock valued at $8,870,815 and have sold 280,441 shares valued at $40,873,759. 34.25% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Huntington National Bank raised its stake in shares of Reddit by 25.6% in the third quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after purchasing an additional 55 shares in the last quarter. Institute for Wealth Management LLC. raised its stake in shares of Reddit by 6.1% in the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after purchasing an additional 62 shares in the last quarter. Roxbury Financial LLC raised its stake in shares of Reddit by 7.4% in the fourth quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock valued at $214,000 after purchasing an additional 64 shares in the last quarter. Florida Financial Advisors LLC raised its stake in shares of Reddit by 6.7% in the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock valued at $250,000 after purchasing an additional 68 shares in the last quarter. Finally, Diversified Trust Co raised its stake in shares of Reddit by 2.1% in the first quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock valued at $440,000 after purchasing an additional 68 shares in the last quarter.

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.