Reddit (NYSE:RDDT) Now Covered by Analysts at BNP Paribas Exane

Stock analysts at BNP Paribas Exane started coverage on shares of Reddit (NYSE:RDDT) in a research note issued to investors on Friday, Briefing.com reports. The brokerage set a “neutral” rating and a $180.00 price target on the stock. BNP Paribas Exane’s price objective would indicate a potential upside of 17.78% from the stock’s previous close.

RDDT has been the subject of a number of other reports. Piper Sandler reiterated an “overweight” rating and set a $195.00 price target (down from $215.00) on shares of Reddit in a report on Friday, July 31st. Loop Capital reaffirmed a “buy” rating and set a $260.00 target price on shares of Reddit in a research report on Thursday, June 4th. Citigroup reaffirmed a “market outperform” rating on shares of Reddit in a research report on Monday, August 24th. Truist Financial increased their price target on shares of Reddit from $265.00 to $275.00 and gave the company a “buy” rating in a report on Friday, July 31st. Finally, Sanford C. Bernstein restated a “market perform” rating and issued a $180.00 price target on shares of Reddit in a research report on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $219.77.

Reddit Price Performance

RDDT stock opened at $152.82 on Friday. The stock has a market capitalization of $29.40 billion, a price-to-earnings ratio of 35.54, a price-to-earnings-growth ratio of 0.73 and a beta of 2.02. The company has a 50-day moving average of $163.89 and a two-hundred day moving average of $159.52. Reddit has a 52-week low of $119.27 and a 52-week high of $282.95.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The business had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. During the same period in the previous year, the company posted $0.45 earnings per share. The firm’s revenue for the quarter was up 61.0% on a year-over-year basis. Equities analysts expect that Reddit will post 5.27 EPS for the current fiscal year.

Insider Transactions at Reddit

In other news, CEO Steve Huffman sold 17,308 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $160.11, for a total transaction of $2,771,183.88. Following the sale, the chief executive officer directly owned 336,432 shares in the company, valued at approximately $53,866,127.52. The trade was a 4.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Reynolds sold 808 shares of the company’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 completion of the transaction, the chief accounting officer owned 15,060 shares of the company’s stock, valued at $3,012,000. The trade was a 5.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 230,244 shares of company stock worth $38,747,524 over the last quarter. 28.48% of the stock is owned by company insiders.

Hedge Funds Weigh In On Reddit

A number of hedge funds have recently made changes to their positions in the business. Sunbelt Securities Inc. lifted its holdings in Reddit by 87.5% during the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after purchasing an additional 91 shares during the last quarter. Ascentis Independent Advisors bought a new stake in Reddit during the first quarter worth about $30,000. EverSource Wealth Advisors LLC increased its holdings in shares of Reddit by 48.1% during the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after buying an additional 64 shares in the last quarter. Beacon Investment Advisory Services Inc. acquired a new stake in shares of Reddit during the second quarter worth approximately $35,000. Finally, V Square Quantitative Management LLC bought a new position in shares of Reddit in the first quarter valued at approximately $43,000.

Reddit Company Profile

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and discussions. Users can submit posts, links, images and videos, while community members can comment, vote and interact through publicly accessible forums known as subreddits.

The company generates revenue primarily through digital advertising and also offers premium memberships and other paid products. Reddit additionally provides data licensing and developer-related services that support the use of its platform content and technology.

Founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz, Reddit serves users worldwide across a broad range of communities.