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

Research analysts at Guggenheim initiated coverage on shares of Reddit (NYSE:RDDT) in a report issued on Friday, Marketbeat reports. The brokerage set a “buy” rating and a $210.00 price target on the stock. Guggenheim’s price objective would indicate a potential upside of 23.02% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. The Goldman Sachs Group upped their price target on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Jefferies Financial Group upped their target price on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Robert W. Baird lifted their price target on Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. Raymond James upped their price objective on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 10th. Finally, Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $70.00 to $200.00 in a research note on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $132.70.

Reddit Stock Up 4.3 %

Shares of NYSE RDDT opened at $170.71 on Friday. The business has a fifty day moving average price of $127.73 and a two-hundred day moving average price of $85.35. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $180.74.

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

Insider Transactions at Reddit

In related news, CTO Christopher Brian Slowe sold 11,000 shares of Reddit stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $65.56, for a total value of $721,160.00. Following the transaction, the chief technology officer now directly owns 339,295 shares of the company’s stock, valued at $22,244,180.20. The trade was a 3.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.23, for a total value of $5,874,274.59. Following the completion of the sale, the chief operating officer now owns 1,504,297 shares in the company, valued at $265,102,260.31. The trade was a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 264,357 shares of company stock worth $32,762,690.

Hedge Funds Weigh In On Reddit

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

About Reddit

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.