Reddit (NYSE:RDDT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Reddit (NYSE:RDDT) from a hold rating to a buy rating in a research note issued to investors on Saturday morning.

RDDT has been the topic of a number of other reports. Robert W. Baird decreased their target price on shares of Reddit from $140.00 to $120.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 21st. Needham & Company LLC lifted their price objective on Reddit from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. JMP Securities reissued a “market outperform” rating and set a $180.00 price objective on shares of Reddit in a research note on Friday, May 2nd. Roth Capital reaffirmed a “neutral” rating on shares of Reddit in a research note on Friday, May 2nd. Finally, Morgan Stanley reduced their price target on Reddit from $210.00 to $140.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $139.35.

Reddit Stock Performance

NYSE RDDT opened at $126.33 on Friday. The business has a fifty day moving average price of $109.63 and a 200 day moving average price of $142.72. The company has a market cap of $23.31 billion, a P/E ratio of -16.34, a P/E/G ratio of 4.72 and a beta of 1.99. Reddit has a one year low of $49.13 and a one year high of $230.41.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.11. The business had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The company’s revenue for the quarter was up 61.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($8.19) earnings per share. As a group, sell-side analysts predict that Reddit will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 124,408 shares of Reddit stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $96.65, for a total value of $12,024,033.20. Following the completion of the transaction, the chief executive officer now owns 577,013 shares in the company, valued at approximately $55,768,306.45. The trade was a 17.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the completion of the transaction, the chief financial officer now directly owns 499,295 shares of the company’s stock, valued at $61,952,523.60. This represents a 16.69% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 520,134 shares of company stock worth $56,714,433. 34.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RDDT. Van ECK Associates Corp purchased a new position in shares of Reddit in the 4th quarter valued at about $446,000. Bogart Wealth LLC purchased a new position in Reddit in the fourth quarter worth approximately $33,000. Vontobel Holding Ltd. purchased a new position in Reddit in the fourth quarter worth approximately $237,000. Blue Trust Inc. acquired a new position in Reddit during the 4th quarter worth approximately $63,000. Finally, Rhumbline Advisers purchased a new stake in shares of Reddit in the 4th quarter valued at approximately $739,000.

Reddit Company Profile

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.