Reddit (NYSE:RDDT) Rating Increased to Strong-Buy at KeyCorp

KeyCorp upgraded shares of Reddit (NYSE:RDDT) to a strong-buy rating in a research note published on Tuesday,Zacks.com reports.

Other analysts have also issued reports about the stock. Truist Financial set a $265.00 target price on shares of Reddit in a research report on Friday, May 1st. DA Davidson restated a “buy” rating and issued a $200.00 price objective on shares of Reddit in a research note on Thursday, July 23rd. Zacks Research upgraded Reddit from a “hold” rating to a “strong-buy” rating in a research report on Monday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Reddit in a research report on Friday, May 8th. Finally, Raymond James Financial set a $180.00 price objective on Reddit and gave the company a “market perform” rating in a research note on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $232.23.

Reddit Trading Down 0.3%

Shares of RDDT stock opened at $177.97 on Tuesday. The stock has a market capitalization of $34.26 billion, a P/E ratio of 50.85 and a beta of 1.93. The firm’s 50 day moving average is $176.17 and its 200 day moving average is $165.56. Reddit has a 12-month low of $119.27 and a 12-month high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. During the same period in the prior year, the firm earned $0.13 EPS. The company’s revenue was up 69.1% compared to the same quarter last year. As a group, equities analysts predict that Reddit will post 4.85 earnings per share for the current year.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $173.13, for a total value of $3,116,340.00. Following the completion of the sale, the chief executive officer owned 373,814 shares of the company’s stock, valued at $64,718,417.82. This trade represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of the business’s stock in a transaction that occurred 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 transaction, the chief accounting officer owned 15,060 shares of the company’s stock, valued at $3,012,000. This trade represents a 5.09% decrease in their position. 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 169,141 shares of company stock valued at $28,680,845 over the last 90 days. Insiders own 28.48% of the company’s stock.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. LOM Asset Management Ltd purchased a new stake in shares of Reddit during the fourth quarter valued at $33,000. Sunbelt Securities Inc. increased its stake in Reddit by 87.5% in the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock worth $26,000 after buying an additional 91 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Reddit by 48.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock valued at $34,000 after buying an additional 64 shares in the last quarter. Beacon Investment Advisory Services Inc. bought a new stake in Reddit during the 2nd quarter valued at about $35,000. Finally, Summit Securities Group LLC purchased a new stake in Reddit in the 4th quarter valued at about $46,000.

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.