Reddit (NYSE:RDDT) Earns Buy Rating from Analysts at DA Davidson

Analysts at DA Davidson assumed coverage on shares of Reddit (NYSE:RDDT) in a research note issued on Tuesday, Marketbeat.com reports. The firm set a “buy” rating and a $200.00 price target on the stock. DA Davidson’s price target would indicate a potential upside of 20.39% from the company’s previous close.

A number of other brokerages have also recently issued reports on RDDT. B. Riley Financial increased their target price on shares of Reddit from $245.00 to $250.00 and gave the company a “buy” rating in a report on Friday, February 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 target price on shares of Reddit in a report on Friday, February 6th. UBS Group set a $265.00 target price on shares of Reddit in a report on Tuesday, January 13th. Roth Mkm increased their target price on shares of Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a report on Friday, January 30th. Finally, Cantor Fitzgerald dropped their target price on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $236.07.

Reddit Stock Up 1.4%

Shares of NYSE:RDDT opened at $166.13 on Tuesday. The company has a market cap of $31.74 billion, a P/E ratio of 63.41, a PEG ratio of 1.19 and a beta of 2.40. Reddit has a 52 week low of $90.78 and a 52 week high of $282.95. The company has a 50-day moving average price of $142.12 and a 200 day moving average price of $186.89.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, February 5th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. The firm had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm’s revenue was up 69.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.36 earnings per share. Analysts expect that Reddit will post 4.02 EPS for the current year.

Insider Buying and Selling at Reddit

In other news, COO Jennifer L. Wong sold 39,167 shares of the firm’s stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the completion of the transaction, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at $175,752,182.97. This trade represents a 3.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 19,036 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total transaction of $2,742,135.80. Following the transaction, the chief technology officer directly owned 185,057 shares of the company’s stock, valued at approximately $26,657,460.85. This trade represents a 9.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders acquired 61,000 shares of company stock valued at $8,870,815 and sold 312,441 shares valued at $47,147,539. Corporate insiders own 34.25% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Reddit by 8.9% during the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock worth $3,062,339,000 after purchasing an additional 1,083,540 shares in the last quarter. Capital World Investors purchased a new position in shares of Reddit during the 4th quarter worth approximately $1,293,258,000. State Street Corp increased its stake in shares of Reddit by 6.0% during the 4th quarter. State Street Corp now owns 2,631,332 shares of the company’s stock worth $604,864,000 after purchasing an additional 149,401 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Reddit by 4.7% during the 4th quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock worth $546,789,000 after purchasing an additional 106,821 shares in the last quarter. Finally, Morgan Stanley increased its stake in shares of Reddit by 11.4% during the 4th quarter. Morgan Stanley now owns 2,372,443 shares of the company’s stock worth $545,354,000 after purchasing an additional 242,709 shares in the last quarter.

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.