Reddit (NYSE:RDDT) Earns “Outperform” Rating from Wedbush

Reddit (NYSE:RDDT)‘s stock had its “outperform” rating reaffirmed by equities researchers at Wedbush in a note issued to investors on Thursday,Benzinga reports. They presently have a $250.00 price objective on the stock. Wedbush’s target price points to a potential upside of 26.25% from the stock’s current price.

A number of other equities research analysts have also issued reports on RDDT. Bank of America reduced their target price on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Wall Street Zen downgraded shares of Reddit from a “buy” rating to a “hold” rating in a research note on Sunday, May 10th. Citigroup reaffirmed a “market outperform” rating on shares of Reddit in a research report on Tuesday, May 26th. Piper Sandler reiterated an “overweight” rating and issued a $215.00 target price on shares of Reddit in a report on Thursday, July 9th. Finally, Citizens Jmp lowered their target price on Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a research note on Friday, May 1st. Nineteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $231.79.

Reddit Stock Down 2.6%

RDDT opened at $198.02 on Thursday. Reddit has a 52 week low of $119.27 and a 52 week high of $282.95. The business has a fifty day simple moving average of $171.83 and a 200-day simple moving average of $169.95. The firm has a market cap of $38.12 billion, a P/E ratio of 56.58 and a beta of 1.93.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. During the same quarter in the prior year, the company earned $0.13 earnings per share. The business’s quarterly revenue was up 69.1% on a year-over-year basis. Sell-side analysts expect that Reddit will post 4.83 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other news, CAO Michelle Marie Reynolds sold 808 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total value of $161,600.00. Following the sale, the chief accounting officer directly owned 15,060 shares in the company, valued at approximately $3,012,000. This trade represents a 5.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,166 shares of Reddit stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the sale, the chief operating officer directly owned 1,050,339 shares of the company’s stock, valued at approximately $185,846,982.66. This trade represents a 3.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 169,141 shares of company stock valued at $28,680,845. Insiders own 28.48% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Sunbelt Securities Inc. raised its position in shares of Reddit by 87.5% during the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock worth $26,000 after acquiring an additional 91 shares in the last quarter. Ascentis Independent Advisors acquired a new position in Reddit in the first quarter valued at approximately $30,000. LOM Asset Management Ltd acquired a new position in Reddit in the fourth quarter valued at approximately $33,000. Noble Wealth Management PBC purchased a new position in Reddit in the fourth quarter valued at approximately $34,000. Finally, Beacon Investment Advisory Services Inc. purchased a new position in Reddit in the second quarter valued at approximately $35,000.

Reddit Company Profile

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.