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

by · The Cerbat Gem

Wall Street Zen upgraded shares of Reddit (NYSE:RDDT – Free Report) from a hold rating to a buy rating in a research report report published on Sunday morning.

Several other analysts have also recently weighed in on the company. Raymond James Financial restated a “strong-buy” rating and set a $250.00 price target (up from $225.00) on shares of Reddit in a report on Monday, October 20th. Robert W. Baird lifted their target price on shares of Reddit from $177.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, September 25th. JPMorgan Chase & Co. boosted their target price on shares of Reddit from $190.00 to $227.00 and gave the stock a “neutral” rating in a report on Friday, October 31st. B. Riley restated a “buy” rating and issued a $245.00 price target (up from $235.00) on shares of Reddit in a research report on Friday, October 31st. Finally, Jefferies Financial Group lifted their price target on shares of Reddit from $300.00 to $325.00 and gave the stock a “buy” rating in a report on Thursday. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $230.28.

Get Our Latest Research Report on RDDT

Reddit Stock Performance

Shares of RDDT opened at $224.38 on Friday. Reddit has a 52 week low of $79.75 and a 52 week high of $282.95. The stock has a market capitalization of $42.52 billion, a price-to-earnings ratio of 128.95, a PEG ratio of 2.48 and a beta of 2.17. The stock has a fifty day moving average of $206.31 and a 200-day moving average of $192.22.

Reddit (NYSE:RDDT – Get Free Report) last issued its quarterly earnings data on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.30. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The business had revenue of $584.91 million for the quarter, compared to analyst estimates of $546.65 million. During the same quarter in the previous year, the company posted $0.16 EPS. Reddit’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, equities analysts forecast that Reddit will post 1.12 EPS for the current year.

Insider Buying and Selling

In other Reddit news, insider Benjamin Seong Lee sold 6,427 shares of the company’s stock in a transaction on Monday, November 24th. The shares were sold at an average price of $192.68, for a total transaction of $1,238,354.36. Following the sale, the insider owned 67,613 shares of the company’s stock, valued at approximately $13,027,672.84. This represents a 8.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $215.19, for a total value of $3,873,420.00. Following the sale, the chief executive officer owned 448,576 shares of the company’s stock, valued at approximately $96,529,069.44. The trade was a 3.86% 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 sold 387,619 shares of company stock worth $81,040,938. Corporate insiders own 34.25% of the company’s stock.

Institutional Investors Weigh In On Reddit

Several large investors have recently added to or reduced their stakes in the business. Huntington National Bank lifted its stake in 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 buying an additional 55 shares during the period. Resona Asset Management Co. Ltd. increased its stake in shares of Reddit by 0.3% in the 2nd quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock valued at $3,023,000 after acquiring an additional 65 shares in the last quarter. AdvisorNet Financial Inc lifted its position in shares of Reddit by 2.8% during the 3rd quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock valued at $567,000 after acquiring an additional 66 shares during the period. Kingswood Wealth Advisors LLC boosted its stake in Reddit by 5.0% during the third quarter. Kingswood Wealth Advisors LLC now owns 1,439 shares of the company’s stock worth $331,000 after acquiring an additional 69 shares in the last quarter. Finally, IFP Advisors Inc grew its holdings in Reddit by 9.9% in the third quarter. IFP Advisors Inc now owns 796 shares of the company’s stock worth $183,000 after purchasing an additional 72 shares during the period.

Reddit Company Profile

(Get Free Report)

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.

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