Reddit (NYSE:RDDT) Earns Buy Rating from Analysts at Guggenheim

Investment analysts at Guggenheim began coverage on shares of Reddit (NYSE:RDDT) in a note issued to investors on Friday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $210.00 price target on the stock. Guggenheim’s price target indicates a potential upside of 28.27% from the company’s previous close.

Several other research firms have also recently issued reports on RDDT. JMP Securities increased their price objective on shares of Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a report on Monday, November 25th. Wells Fargo & Company initiated coverage on Reddit in a research note on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price target for the company. B. Riley reissued a “buy” rating and issued a $112.00 price objective (up previously from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Sanford C. Bernstein raised their target price on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Finally, Jefferies Financial Group lifted their target price on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average price target of $128.70.

Reddit Trading Up 1.9 %

Shares of RDDT stock opened at $163.72 on Friday. Reddit has a 1 year low of $37.35 and a 1 year high of $180.74. The stock has a fifty day moving average of $125.78 and a two-hundred day moving average of $84.34.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business’s revenue was up 67.9% compared to the same quarter last year. As a group, research analysts predict that Reddit will post -3.46 earnings per share for the current year.

Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $66.20, for a total transaction of $926,800.00. Following the transaction, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at approximately $43,147,505. The trade was a 2.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 11,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $65.56, for a total transaction of $721,160.00. Following the completion of the sale, the chief technology officer now owns 339,295 shares of the company’s stock, valued at approximately $22,244,180.20. The trade was a 3.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 264,357 shares of company stock valued at $32,762,690 in the last three months.

Hedge Funds Weigh In On Reddit

Several institutional investors and hedge funds have recently modified their holdings of RDDT. Whittier Trust Co. acquired a new stake in Reddit during the third quarter valued at $42,000. Daiwa Securities Group Inc. purchased a new stake in shares of Reddit during the 3rd quarter worth about $85,000. UMB Bank n.a. acquired a new stake in shares of Reddit during the 2nd quarter valued at about $88,000. SOA Wealth Advisors LLC. grew its stake in shares of Reddit by 56.3% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after buying an additional 691 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in Reddit in the third quarter worth approximately $144,000.

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.