Royal Bank Of Canada Reiterates "Sector Perform" Rating for Reddit (NYSE:RDDT)

Reddit (NYSE:RDDT - Get Free Report)'s stock had its "sector perform" rating reiterated by equities research analysts at Royal Bank Of Canada in a report issued on Wednesday,Benzinga reports. They currently have a $125.00 target price on the stock. Royal Bank Of Canada's price objective would indicate a potential downside of 13.95% from the stock's current price.

Other research analysts also recently issued research reports about the company. Loop Capital reduced their price target on Reddit from $210.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, June 12th. Sanford C. Bernstein raised Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 target price on the stock in a research note on Friday, May 2nd. Roth Capital restated a "neutral" rating on shares of Reddit in a report on Friday, May 2nd. Piper Sandler reiterated an "overweight" rating and issued a $150.00 price target (up previously from $140.00) on shares of Reddit in a report on Friday, May 2nd. Finally, Seaport Res Ptn upgraded shares of Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $139.57.

Reddit Stock Performance

Shares of NYSE RDDT traded up $4.48 during mid-day trading on Wednesday, hitting $145.27. The stock had a trading volume of 4,345,310 shares, compared to its average volume of 6,460,829. The business has a 50 day moving average price of $113.86 and a two-hundred day moving average price of $142.21. Reddit has a 1 year low of $49.13 and a 1 year high of $230.41. The firm has a market cap of $26.80 billion, a P/E ratio of 246.84, a price-to-earnings-growth ratio of 3.44 and a beta of 1.99.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. 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 company earned ($8.19) earnings per share. Equities research analysts predict that Reddit will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 909 shares of Reddit stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $125.00, for a total value of $113,625.00. Following the completion of the transaction, the chief accounting officer now directly owns 41,368 shares of the company's stock, valued at approximately $5,171,000. The trade was a 2.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $124.45, for a total transaction of $4,148,291.85. Following the completion of the transaction, the chief operating officer now owns 1,428,007 shares in the company, valued at approximately $177,715,471.15. This represents a 2.28% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 597,785 shares of company stock valued at $66,215,370. Insiders own 34.25% of the company's stock.

Institutional Trading of Reddit

Several institutional investors have recently added to or reduced their stakes in the business. Signaturefd LLC raised its stake in shares of Reddit by 3.5% in the first quarter. Signaturefd LLC now owns 2,859 shares of the company's stock worth $300,000 after purchasing an additional 97 shares during the last quarter. Proficio Capital Partners LLC increased its holdings in Reddit by 2.1% in the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after buying an additional 120 shares in the last quarter. CWM LLC raised its position in Reddit by 100.0% in the 1st quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after buying an additional 128 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after acquiring an additional 147 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Reddit by 12.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,323 shares of the company's stock valued at $139,000 after acquiring an additional 147 shares during the period.

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.

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