Reddit (NYSE:RDDT) Upgraded at Zacks Research

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

Other research analysts also recently issued reports about the company. UBS Group reaffirmed a “mixed” rating on shares of Reddit in a report on Thursday, July 9th. Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a research note on Friday, May 8th. DA Davidson reaffirmed a “buy” rating and set a $200.00 price target on shares of Reddit in a report on Thursday, July 23rd. Citigroup reiterated a “market outperform” rating on shares of Reddit in a research note on Tuesday, May 26th. Finally, Wells Fargo & Company boosted their price objective on shares of Reddit from $176.00 to $187.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $232.23.

Reddit Stock Down 0.3%

NYSE:RDDT opened at $178.73 on Monday. The stock has a market cap of $34.41 billion, a price-to-earnings ratio of 51.07 and a beta of 1.93. The company’s 50 day moving average price is $175.55 and its 200-day moving average price is $166.09. Reddit has a 52 week low of $119.27 and a 52 week high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. The company had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm’s revenue for the quarter was up 69.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.13 EPS. As a group, sell-side analysts anticipate that Reddit will post 4.85 earnings per share for the current year.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $178.26, for a total value of $3,208,680.00. Following the transaction, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $66,636,083.64. This trade represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction on Monday, May 18th. The stock was sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the transaction, the chief operating officer owned 1,088,451 shares in the company, valued at $172,541,252.52. This represents a 3.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 169,141 shares of company stock worth $28,680,845. Company insiders own 28.48% of the company’s stock.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Sunbelt Securities Inc. lifted its position in shares of Reddit by 87.5% during the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after buying an additional 91 shares in the last quarter. Ascentis Independent Advisors purchased a new stake in Reddit in the 1st quarter worth approximately $30,000. LOM Asset Management Ltd bought a new stake in Reddit during the 4th quarter worth approximately $33,000. EverSource Wealth Advisors LLC raised its stake in Reddit by 48.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after acquiring an additional 64 shares during the period. Finally, Beacon Investment Advisory Services Inc. purchased a new position in Reddit during the second quarter valued at approximately $35,000.

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.