Reddit's (RDDT) "Buy" Rating Reaffirmed at Guggenheim

Reddit (NYSE:RDDT - Get Free Report)'s stock had its "buy" rating restated by investment analysts at Guggenheim in a research report issued on Tuesday,Benzinga reports. They presently have a $165.00 price target on the stock. Guggenheim's price objective suggests a potential upside of 23.21% from the stock's current price.

Several other analysts also recently commented on RDDT. Citigroup upped their price objective on shares of Reddit from $150.00 to $158.00 and gave the company a "buy" rating in a report on Friday, May 2nd. B. Riley reaffirmed a "buy" rating and set a $220.00 price objective (down from $222.00) on shares of Reddit in a report on Friday, May 2nd. Roth Mkm increased their target price on shares of Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Robert W. Baird dropped their target price on Reddit from $140.00 to $120.00 and set a "neutral" rating for the company in a report on Wednesday, May 21st. Finally, Oppenheimer began coverage on shares of Reddit in a research report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price target on the stock. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $139.35.

Reddit Price Performance

Reddit stock opened at $133.92 on Tuesday. The firm's 50 day moving average price is $112.97 and its 200-day moving average price is $142.22. Reddit has a 1 year low of $49.13 and a 1 year high of $230.41. The stock has a market cap of $24.71 billion, a P/E ratio of 226.99, a PEG ratio of 3.57 and a beta of 2.02.

Reddit (NYSE:RDDT - Get Free Report) last announced its 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 business had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The company's revenue for the quarter was up 61.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($8.19) earnings per share. As a group, equities analysts expect that Reddit will post 1.12 EPS for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 6,854 shares of the business's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $98.42, for a total transaction of $674,570.68. Following the completion of the transaction, the insider now owns 99,277 shares of the company's stock, valued at approximately $9,770,842.34. The trade was a 6.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the completion of the transaction, the chief executive officer now directly owns 577,013 shares of the company's stock, valued at approximately $59,593,902.64. The trade was a 2.37% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 597,785 shares of company stock valued at $66,215,370. 34.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Reddit

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC increased its stake in Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after purchasing an additional 913,189 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Reddit by 11.1% during the 1st quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company's stock worth $1,069,828,000 after purchasing an additional 1,017,162 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Reddit by 103.0% in the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company's stock valued at $593,733,000 after buying an additional 2,871,232 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in Reddit by 10.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 4,073,939 shares of the company's stock valued at $427,357,000 after purchasing an additional 389,761 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Reddit by 98.2% in the 1st quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company's stock worth $200,096,000 after buying an additional 944,847 shares during the period.

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.

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