Reddit (NYSE:RDDT) Rating Increased to Hold at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Reddit (NYSE:RDDT) to a hold rating in a research note issued to investors on Thursday morning,Zacks.com reports.

RDDT has been the subject of several other reports. Weiss Ratings restated a “hold (c-)” rating on shares of Reddit in a research report on Monday, December 29th. The Goldman Sachs Group restated a “neutral” rating and set a $236.00 price target on shares of Reddit in a report on Tuesday, October 14th. Truist Financial set a $270.00 price objective on Reddit in a report on Friday, October 31st. Piper Sandler reiterated an “overweight” rating on shares of Reddit in a research report on Monday, December 1st. Finally, Sanford C. Bernstein lifted their target price on Reddit from $190.00 to $210.00 and gave the company a “market perform” rating in a research report on Friday, October 31st. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus target price of $230.65.

Reddit Stock Performance

Shares of Reddit stock opened at $253.87 on Thursday. Reddit has a one year low of $79.75 and a one year high of $282.95. The company has a market cap of $48.11 billion, a price-to-earnings ratio of 145.90, a PEG ratio of 1.72 and a beta of 2.17. The business’s 50 day moving average price is $217.70 and its 200 day moving average price is $206.10.

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

Insider Transactions at Reddit

In other news, insider Benjamin Seong Lee sold 55,005 shares of the firm’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $221.21, for a total transaction of $12,167,656.05. Following the completion of the transaction, the insider directly owned 62,608 shares in the company, valued at $13,849,515.68. This trade represents a 46.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 24,000 shares of the business’s stock in a transaction on Monday, November 24th. The shares were sold at an average price of $192.72, for a total value of $4,625,280.00. Following the completion of the sale, the chief technology officer owned 175,694 shares in the company, valued at $33,859,747.68. This represents a 12.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 474,246 shares of company stock valued at $99,908,227 over the last three months. 34.25% of the stock is currently owned by company insiders.

Institutional Trading of Reddit

Hedge funds have recently made changes to their positions in the business. Capital CS Group LLC purchased a new position in shares of Reddit in the fourth quarter valued at approximately $436,000. Fulton Bank N.A. boosted its position in Reddit by 6.0% in the 4th quarter. Fulton Bank N.A. now owns 1,493 shares of the company’s stock valued at $343,000 after buying an additional 85 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in shares of Reddit by 10.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 17,760 shares of the company’s stock worth $4,508,000 after acquiring an additional 1,621 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Reddit by 4.3% during the fourth quarter. Nordea Investment Management AB now owns 1,151,360 shares of the company’s stock worth $265,273,000 after acquiring an additional 47,187 shares during the period. Finally, Permanent Capital Management LP raised its stake in shares of Reddit by 6.2% in the fourth quarter. Permanent Capital Management LP now owns 2,390 shares of the company’s stock valued at $549,000 after acquiring an additional 140 shares in the last quarter.

About Reddit

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.