Reddit’s (RDDT) Buy Rating Reiterated at Guggenheim

Reddit (NYSE:RDDT)‘s stock had its “buy” rating reiterated by investment analysts at Guggenheim in a note issued to investors on Friday,Benzinga reports. They presently have a $245.00 price objective on the stock. Guggenheim’s price target points to a potential upside of 14.31% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. JMP Securities reissued a “market outperform” rating and issued a $300.00 target price on shares of Reddit in a research note on Friday, October 3rd. B. Riley reissued a “buy” rating and issued a $245.00 price objective (up previously from $235.00) on shares of Reddit in a research report on Friday, October 31st. Jefferies Financial Group upped their target price on shares of Reddit from $300.00 to $325.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Wall Street Zen cut Reddit from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Finally, Piper Sandler reissued an “overweight” rating on shares of Reddit in a research report on Monday, December 1st. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus target price of $245.18.

Reddit Stock Down 0.1%

Shares of NYSE:RDDT traded down $0.21 during midday trading on Friday, reaching $214.34. The company had a trading volume of 296,403 shares, compared to its average volume of 4,184,806. The business’s 50 day moving average price is $224.95 and its 200 day moving average price is $212.09. The stock has a market cap of $40.62 billion, a PE ratio of 123.35, a P/E/G ratio of 1.41 and a beta of 2.17. Reddit has a 1-year low of $79.75 and a 1-year high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, October 30th. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.50 by $0.30. The firm had revenue of $584.91 million during the quarter, compared to analysts’ expectations of $546.65 million. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The business’s quarterly revenue was up 67.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.16 earnings per share. On average, research analysts expect that Reddit will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 14,000 shares of the stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $253.88, for a total transaction of $3,554,320.00. Following the transaction, the chief technology officer owned 169,694 shares in the company, valued at $43,081,912.72. This trade represents a 7.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benjamin Seong Lee sold 3,320 shares of the business’s stock in a transaction dated Friday, January 9th. The shares were sold at an average price of $260.22, for a total transaction of $863,930.40. Following the completion of the sale, the insider directly owned 62,608 shares of the company’s stock, valued at approximately $16,291,853.76. The trade was a 5.04% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 509,511 shares of company stock worth $111,394,344 in the last 90 days. Company insiders own 34.25% of the company’s stock.

Institutional Investors Weigh In On Reddit

Institutional investors and hedge funds have recently bought and sold shares of the company. Raiffeisen Bank International AG bought a new stake in Reddit during the third quarter worth $25,000. GW&K Investment Management LLC bought a new position in shares of Reddit during the third quarter valued at $30,000. Cornerstone Planning Group LLC lifted its holdings in Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after buying an additional 135 shares during the period. Financial Perspectives Inc acquired a new position in shares of Reddit in the 2nd quarter worth approximately $34,000. Finally, Noble Wealth Management PBC bought a new stake in shares of Reddit during the 4th quarter valued at about $34,000.

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.