China Renaissance Begins Coverage on Reddit (NYSE:RDDT)

Analysts at China Renaissance initiated coverage on shares of Reddit (NYSE:RDDT) in a research note issued on Tuesday. The brokerage set a “buy” rating and a $300.00 price target on the stock. China Renaissance’s target price suggests a potential upside of 26.62% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. 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. Morgan Stanley restated an “overweight” rating and issued a $250.00 price objective on shares of Reddit in a research note on Friday, October 31st. Wells Fargo & Company boosted their price objective on shares of Reddit from $155.00 to $174.00 and gave the company a “cautious” rating in a research note on Tuesday, October 7th. Roth Capital set a $210.00 price objective on Reddit in a report on Friday, October 31st. Finally, JPMorgan Chase & Co. raised their price objective on Reddit from $190.00 to $227.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $229.28.

Reddit Trading Up 1.2%

RDDT stock opened at $236.93 on Tuesday. The business’s fifty day moving average price is $204.50 and its 200 day moving average price is $188.56. Reddit has a 12-month low of $79.75 and a 12-month high of $282.95. The company has a market capitalization of $44.90 billion, a PE ratio of 136.16, a P/E/G ratio of 2.58 and a beta of 2.17.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, October 30th. The company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.30. The company 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%.Reddit’s revenue for the quarter was up 67.9% on a year-over-year basis. During the same period last year, the business posted $0.16 EPS. Research analysts predict that Reddit will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $261.22, for a total transaction of $4,701,960.00. Following the transaction, the chief executive officer directly owned 494,104 shares of the company’s stock, valued at approximately $129,069,846.88. The trade was a 3.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Christopher Brian Slowe sold 24,000 shares of the firm’s stock in a transaction dated 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 sale, the chief technology officer owned 175,694 shares of the company’s stock, valued at $33,859,747.68. This represents a 12.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 380,370 shares of company stock worth $79,846,584. 34.25% of the stock is currently owned by corporate insiders.

Institutional Trading of Reddit

Several institutional investors have recently added to or reduced their stakes in RDDT. Teacher Retirement System of Texas grew its position in shares of Reddit by 880.5% during the second quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock worth $14,255,000 after acquiring an additional 85,020 shares during the last quarter. Petrus Trust Company LTA bought a new stake in shares of Reddit in the 1st quarter worth $473,000. JPMorgan Chase & Co. lifted its holdings in Reddit by 98.2% in the 1st quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company’s stock valued at $200,096,000 after acquiring an additional 944,847 shares during the last quarter. Greycroft LP grew its position in Reddit by 109.1% in the first quarter. Greycroft LP now owns 11,500 shares of the company’s stock worth $1,206,000 after buying an additional 6,000 shares during the last quarter. Finally, Think Investments LP lifted its holdings in shares of Reddit by 10.3% during the first quarter. Think Investments LP now owns 268,000 shares of the company’s stock valued at $28,113,000 after purchasing an additional 25,000 shares during the last quarter.

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.