Reddit (NYSE:RDDT) Earns Sector Perform Rating from Analysts at Royal Bank of Canada

Royal Bank of Canada assumed coverage on shares of Reddit (NYSE:RDDT - Free Report) in a research report report published on Tuesday morning, MarketBeat Ratings reports. The firm issued a sector perform rating and a $125.00 target price on the stock.

RDDT has been the subject of a number of other reports. Oppenheimer initiated coverage on Reddit in a research report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 target price for the company. Truist Financial initiated coverage on Reddit in a research report on Monday, April 7th. They set a "buy" rating and a $150.00 price objective for the company. Redburn Atlantic initiated coverage on Reddit in a research report on Monday, March 17th. They set a "sell" rating and a $75.00 price objective for the company. Roth Mkm upped their price objective on Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Finally, Piper Sandler restated an "overweight" rating and set a $150.00 price objective (up from $140.00) on shares of Reddit in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Reddit currently has a consensus rating of "Moderate Buy" and an average target price of $139.78.

Reddit Stock Up 8.0%

Shares of NYSE:RDDT traded up $8.95 during trading on Tuesday, reaching $121.19. 6,742,922 shares of the company traded hands, compared to its average volume of 6,219,221. The company's 50 day moving average is $106.67 and its two-hundred day moving average is $143.70. The firm has a market capitalization of $22.36 billion, a PE ratio of -15.68, a PEG ratio of 4.72 and a beta of 1.99. Reddit has a 52 week low of $49.13 and a 52 week high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. The firm had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company's revenue was up 61.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($8.19) EPS. As a group, research analysts anticipate that Reddit will post 1.12 EPS for the current year.

Insider Activity

In other news, CFO Andrew Vollero sold 100,000 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $124.08, for a total value of $12,408,000.00. Following the completion of the sale, the chief financial officer now owns 499,295 shares of the company's stock, valued at approximately $61,952,523.60. This represents a 16.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David C. Habiger purchased 774 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was bought at an average cost of $130.36 per share, with a total value of $100,898.64. Following the purchase, the director now owns 30,808 shares of the company's stock, valued at approximately $4,016,130.88. This trade represents a 2.58% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 677,875 shares of company stock valued at $76,732,994. Company insiders own 34.25% of the company's stock.

Institutional Investors Weigh In On Reddit

Institutional investors and hedge funds have recently made changes to their positions in the stock. Plato Investment Management Ltd acquired a new stake in Reddit during the fourth quarter worth approximately $27,000. CWM LLC grew its stake in Reddit by 100.0% during the first quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after purchasing an additional 128 shares during the period. EverSource Wealth Advisors LLC acquired a new stake in Reddit during the fourth quarter worth approximately $28,000. Stone House Investment Management LLC acquired a new stake in Reddit during the first quarter worth approximately $31,000. Finally, Farmers & Merchants Investments Inc. acquired a new stake in Reddit during the fourth quarter worth approximately $33,000.

About Reddit

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.