Reddit (NYSE:RDDT) Rating Increased to Hold at Royal Bank of Canada

Reddit (NYSE:RDDT - Get Free Report) was upgraded by investment analysts at Royal Bank of Canada to a "hold" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. Citigroup increased their target price on Reddit from $150.00 to $158.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Loop Capital reissued a "buy" rating and set a $210.00 price objective on shares of Reddit in a research report on Tuesday, March 11th. JMP Securities restated a "market outperform" rating and set a $180.00 price objective on shares of Reddit in a research note on Friday, May 2nd. Redburn Atlantic started coverage on shares of Reddit in a research note on Monday, March 17th. They issued a "sell" rating and a $75.00 target price on the stock. Finally, Morgan Stanley decreased their target price on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Reddit currently has a consensus rating of "Moderate Buy" and an average price target of $139.78.

Reddit Price Performance

RDDT traded down $5.98 on Monday, hitting $112.23. The company had a trading volume of 6,164,613 shares, compared to its average volume of 6,192,894. The stock has a fifty day simple moving average of $106.30 and a 200-day simple moving average of $143.93. The firm has a market capitalization of $20.71 billion, a P/E ratio of -14.52, a P/E/G ratio of 4.72 and a beta of 2.90. Reddit has a 52-week low of $49.13 and a 52-week high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The business had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. During the same quarter in the prior year, the company earned ($8.19) earnings per share. The business's revenue was up 61.5% compared to the same quarter last year. Equities research analysts expect that Reddit will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 124,408 shares of Reddit stock in a transaction on Friday, March 14th. The shares were sold at an average price of $127.36, for a total value of $15,844,602.88. Following the sale, the chief executive officer now directly owns 583,515 shares in the company, valued at approximately $74,316,470.40. The trade was a 17.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Benjamin Seong Lee sold 6,854 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $98.42, for a total transaction of $674,570.68. Following the transaction, the insider now directly owns 99,277 shares of the company's stock, valued at $9,770,842.34. This trade represents a 6.46% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 677,875 shares of company stock valued at $76,732,994 over the last 90 days.

Institutional Investors Weigh In On Reddit

Large investors have recently made changes to their positions in the company. Cim LLC purchased a new position in Reddit during the 1st quarter valued at approximately $795,000. First Hawaiian Bank purchased a new position in shares of Reddit in the first quarter valued at $818,000. Rhumbline Advisers grew its holdings in shares of Reddit by 202.7% in the first quarter. Rhumbline Advisers now owns 13,682 shares of the company's stock valued at $1,435,000 after purchasing an additional 9,162 shares in the last quarter. Siren L.L.C. bought a new stake in Reddit in the first quarter worth $2,465,000. Finally, Geneos Wealth Management Inc. raised its stake in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock valued at $39,000 after purchasing an additional 286 shares in the last quarter.

Reddit Company Profile

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.