Wall Street Zen Upgrades Reddit (NYSE:RDDT) to Buy

Reddit (NYSE:RDDT - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

Several other equities research analysts have also issued reports on the stock. Roth Mkm boosted their price target on shares of Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Redburn Partners set a $75.00 price target on shares of Reddit in a report on Monday, March 17th. Guggenheim reduced their target price on shares of Reddit from $170.00 to $165.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Bank of America reduced their target price on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 9th. Finally, Royal Bank Of Canada started coverage on shares of Reddit in a research note on Tuesday, June 3rd. They issued a "sector perform" rating and a $125.00 target price on the stock. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Reddit has a consensus rating of "Moderate Buy" and a consensus target price of $139.35.

Reddit Stock Up 6.2%

Reddit stock traded up $7.81 on Friday, hitting $134.01. The company's stock had a trading volume of 23,475,500 shares, compared to its average volume of 6,376,686. The firm has a market cap of $24.73 billion, a P/E ratio of 227.13, a price-to-earnings-growth ratio of 3.24 and a beta of 1.99. The company has a fifty day moving average price of $110.09 and a 200-day moving average price of $142.66. Reddit has a one year low of $49.13 and a one year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The business's revenue for the quarter was up 61.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($8.19) EPS. Analysts anticipate that Reddit will post 1.12 EPS for the current year.

Insider Buying and Selling at Reddit

In other news, CFO Andrew Vollero sold 30,000 shares of the company's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $117.64, for a total value of $3,529,200.00. Following the completion of the sale, the chief financial officer now directly owns 333,806 shares of the company's stock, valued at $39,268,937.84. This represents a 8.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 11,000 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $1,364,880.00. Following the completion of the sale, the chief technology officer now directly owns 281,213 shares of the company's stock, valued at approximately $34,892,909.04. This trade represents a 3.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 550,134 shares of company stock worth $60,243,633. Company insiders own 34.25% of the company's stock.

Institutional Trading of Reddit

Institutional investors and hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp bought a new stake in Reddit during the 4th quarter worth approximately $446,000. Bogart Wealth LLC bought a new stake in Reddit during the 4th quarter worth approximately $33,000. Vontobel Holding Ltd. bought a new stake in Reddit during the 4th quarter worth approximately $237,000. Blue Trust Inc. bought a new stake in Reddit during the 4th quarter worth approximately $63,000. Finally, Rhumbline Advisers bought a new stake in Reddit during the 4th quarter worth approximately $739,000.

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.