Reddit (NYSE:RDDT) Upgraded to "Strong-Buy" at Zacks Research

Reddit (NYSE:RDDT - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Tuesday,Zacks.com reports.

RDDT has been the topic of several other research reports. Needham & Company LLC restated a "buy" rating and set a $300.00 price objective on shares of Reddit in a report on Friday, May 1st. UBS Group set a $265.00 price objective on Reddit in a report on Tuesday, January 13th. Morgan Stanley set a $240.00 price objective on Reddit in a report on Friday, February 6th. Piper Sandler restated an "overweight" rating and set a $215.00 price objective (up from $205.00) on shares of Reddit in a report on Friday, May 1st. Finally, Raymond James Financial set a $180.00 price objective on Reddit and gave the stock a "market perform" rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $228.61.

Reddit Stock Down 3.5%

NYSE:RDDT opened at $165.54 on Tuesday. The business's 50-day moving average price is $145.02 and its 200 day moving average price is $183.65. The firm has a market cap of $31.63 billion, a P/E ratio of 47.30, a PEG ratio of 1.18 and a beta of 1.85. Reddit has a 52-week low of $94.89 and a 52-week high of $282.95.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.39. The firm had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.Reddit's revenue was up 69.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.13 earnings per share. Sell-side analysts expect that Reddit will post 4.26 EPS for the current year.

Insider Transactions at Reddit

In other news, Director Sarah E. Farrell purchased 10,500 shares of the stock in a transaction that occurred on Friday, March 13th. The stock was acquired at an average price of $132.26 per share, with a total value of $1,388,730.00. Following the purchase, the director owned 61,000 shares in the company, valued at $8,067,860. This represents a 20.79% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 15,500 shares of the business's stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total value of $2,335,385.00. Following the completion of the sale, the chief technology officer directly owned 38,413 shares of the company's stock, valued at approximately $5,787,686.71. The trade was a 28.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders acquired 61,000 shares of company stock worth $8,870,815 and sold 280,441 shares worth $40,873,759. 34.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Reddit

Several large investors have recently made changes to their positions in the company. Mediolanum International Funds Ltd grew its stake in shares of Reddit by 67.4% in the 1st quarter. Mediolanum International Funds Ltd now owns 30,019 shares of the company's stock valued at $3,726,000 after buying an additional 12,089 shares in the last quarter. Spartan Wealth Advisory Services LLC bought a new stake in Reddit during the first quarter worth approximately $1,553,000. Ascent Wealth Partners LLC boosted its position in Reddit by 12.5% during the first quarter. Ascent Wealth Partners LLC now owns 1,504 shares of the company's stock worth $203,000 after purchasing an additional 167 shares during the period. California Public Employees Retirement System boosted its position in Reddit by 13.0% during the first quarter. California Public Employees Retirement System now owns 247,688 shares of the company's stock worth $33,351,000 after purchasing an additional 28,461 shares during the period. Finally, Morling Financial Advisors LLC boosted its position in Reddit by 14.6% during the first quarter. Morling Financial Advisors LLC now owns 6,282 shares of the company's stock worth $846,000 after purchasing an additional 800 shares during the period.

About Reddit

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.

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