Reddit (NYSE:RDDT) Upgraded at Royal Bank of Canada

Reddit (NYSE:RDDT - Get Free Report) was upgraded by analysts at Royal Bank of Canada to a "hold" rating in a report released on Monday, MarketBeat.com reports.

RDDT has been the subject of a number of other research reports. Roth Mkm raised their target price on shares of Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. Wall Street Zen downgraded shares of Reddit from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Oppenheimer began coverage on Reddit in a report on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 price objective on the stock. Loop Capital reissued a "buy" rating and set a $210.00 target price on shares of Reddit in a report on Tuesday, March 11th. Finally, Truist Financial assumed coverage on shares of Reddit in a research report on Monday, April 7th. They set a "buy" rating and a $150.00 price target on the stock. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $139.78.

Reddit Trading Up 8.0%

Shares of NYSE:RDDT traded up $8.95 during trading on Monday, hitting $121.19. 6,742,922 shares of the company were exchanged, compared to its average volume of 6,230,487. Reddit has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The stock has a market cap of $22.36 billion, a price-to-earnings ratio of -15.68, a P/E/G ratio of 4.72 and a beta of 1.99. The firm has a fifty day moving average price of $106.67 and a two-hundred day moving average price of $143.70.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly 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. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. 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 business earned ($8.19) EPS. The firm's revenue for the quarter was up 61.5% on a year-over-year basis. As a group, research analysts predict that Reddit will post 1.12 EPS for the current year.

Insider Activity

In other Reddit news, Director David C. Habiger purchased 774 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the acquisition, the director now owns 30,808 shares of the company's stock, valued at $4,016,130.88. The trade was a 2.58% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of the business's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the transaction, the chief executive officer now owns 583,515 shares of the company's stock, valued at $74,316,470.40. This trade represents a 17.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 677,875 shares of company stock worth $76,732,994 in the last three months. Company insiders own 34.25% of the company's stock.

Institutional Trading of Reddit

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Plato Investment Management Ltd bought a new stake in Reddit during the fourth quarter worth about $27,000. CWM LLC boosted its position in shares of Reddit by 100.0% in the 1st quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after purchasing an additional 128 shares in the last quarter. EverSource Wealth Advisors LLC bought a new stake in shares of Reddit in the 4th quarter worth approximately $28,000. Stone House Investment Management LLC bought a new position in Reddit during the 1st quarter valued at approximately $31,000. Finally, Farmers & Merchants Investments Inc. bought a new position in Reddit during the 4th quarter valued at approximately $33,000.

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.