Reddit (NYSE:RDDT - Get Free Report)'s stock had its "outperform" rating restated by Wedbush in a report released on Thursday,Benzinga reports. They presently have a $250.00 target price on the stock. Wedbush's target price indicates a potential upside of 26.25% from the company's current price.
A number of other research analysts have also recently weighed in on RDDT. Zacks Research cut shares of Reddit from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 3rd. Truist Financial set a $265.00 target price on Reddit in a research report on Friday, May 1st. Citigroup restated a "market outperform" rating on shares of Reddit in a research note on Tuesday, May 26th. Loop Capital reaffirmed a "buy" rating and issued a $260.00 price target on shares of Reddit in a report on Thursday, June 4th. Finally, Wall Street Zen downgraded Reddit from a "buy" rating to a "hold" rating in a research report on Sunday, May 10th. Nineteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat, Reddit presently has a consensus rating of "Moderate Buy" and a consensus target price of $231.79.
Read Our Latest Report on RDDT
Reddit Trading Down 2.6%
Reddit stock opened at $198.02 on Thursday. Reddit has a 12 month low of $119.27 and a 12 month high of $282.95. The stock's 50 day simple moving average is $171.83 and its two-hundred day simple moving average is $169.95. The firm has a market cap of $38.12 billion, a PE ratio of 56.58 and a beta of 1.93.
Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business had revenue of $663.41 million for the quarter, compared to analysts' expectations of $607.74 million. During the same quarter last year, the company earned $0.13 EPS. The business's revenue was up 69.1% on a year-over-year basis. On average, equities research analysts forecast that Reddit will post 4.83 EPS for the current year.
Insider Buying and Selling
In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the business's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $66,636,083.64. The trade was a 4.59% decrease in their position. The transaction was disclosed in a 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 the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $158.52, for a total value of $6,208,752.84. Following the completion of the transaction, the chief operating officer directly owned 1,088,451 shares of the company's stock, valued at approximately $172,541,252.52. This represents a 3.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 169,141 shares of company stock worth $28,680,845 in the last 90 days. Insiders own 28.48% of the company's stock.
Hedge Funds Weigh In On Reddit
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RDDT. Vanguard Group Inc. grew its stake in shares of Reddit by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company's stock valued at $3,062,339,000 after buying an additional 1,083,540 shares during the period. Capital World Investors acquired a new position in Reddit in the fourth quarter valued at approximately $1,293,258,000. State Street Corp grew its position in Reddit by 6.0% in the fourth quarter. State Street Corp now owns 2,631,332 shares of the company's stock worth $604,864,000 after acquiring an additional 149,401 shares during the period. Geode Capital Management LLC increased its stake in Reddit by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company's stock worth $546,789,000 after acquiring an additional 106,821 shares during the last quarter. Finally, Morgan Stanley raised its position in Reddit by 11.4% in the fourth quarter. Morgan Stanley now owns 2,372,443 shares of the company's stock valued at $545,354,000 after purchasing an additional 242,709 shares during the period.
Reddit Company Profile
(
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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.
Further Reading
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