Guggenheim Initiates Coverage on Reddit (NYSE:RDDT)

Guggenheim started coverage on shares of Reddit (NYSE:RDDT) in a research report issued on Friday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $210.00 price target on the stock. Guggenheim’s price target points to a potential upside of 23.02% from the company’s previous close.

Several other brokerages have also issued reports on RDDT. JPMorgan Chase & Co. boosted their price target on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Piper Sandler reissued an “overweight” rating and issued a $150.00 target price (up from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. Citigroup raised their price target on Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group boosted their price objective on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Finally, Wells Fargo & Company initiated coverage on shares of Reddit in a report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 target price on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $132.70.

Reddit Stock Performance

NYSE RDDT opened at $170.71 on Friday. The stock’s 50 day simple moving average is $127.73 and its 200 day simple moving average is $85.35. Reddit has a one year low of $37.35 and a one year high of $180.74.

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

Insider Activity

In other Reddit news, CTO Christopher Brian Slowe sold 11,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $65.56, for a total transaction of $721,160.00. Following the transaction, the chief technology officer now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $76.27, for a total value of $2,542,384.18. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at approximately $117,643,195.39. The trade was a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 264,357 shares of company stock valued at $32,762,690.

Institutional Investors Weigh In On Reddit

Hedge funds have recently added to or reduced their stakes in the business. Whittier Trust Co. acquired a new stake in Reddit during the third quarter worth approximately $42,000. Daiwa Securities Group Inc. bought a new position in shares of Reddit during the third quarter worth approximately $85,000. UMB Bank n.a. acquired a new stake in Reddit during the 2nd quarter worth approximately $88,000. SOA Wealth Advisors LLC. increased its position in Reddit by 56.3% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after buying an additional 691 shares during the period. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Reddit during the third quarter worth $144,000.

Reddit Company Profile

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.