Reddit (NYSE:RDDT) Now Covered by Analysts at Guggenheim

Guggenheim began coverage on shares of Reddit (NYSE:RDDT) in a report released on Friday, MarketBeat reports. The brokerage issued a buy rating and a $210.00 price target on the stock.

RDDT has been the subject of a number of other reports. Jefferies Financial Group raised their price target on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. B. Riley reissued a “buy” rating and issued a $112.00 target price (up previously from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. JMP Securities upped their target price on Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research note on Monday, November 25th. Loop Capital lifted their price objective on Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. Finally, Raymond James upped their price objective on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $132.70.

Reddit Stock Up 4.3 %

Shares of Reddit stock opened at $170.71 on Friday. Reddit has a one year low of $37.35 and a one year high of $180.74. The business has a 50-day simple moving average of $127.73 and a 200 day simple moving average of $85.35.

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

Insider Activity at Reddit

In other news, CTO Christopher Brian Slowe sold 21,000 shares of Reddit stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $146.01, for a total transaction of $3,066,210.00. Following the completion of the sale, the chief technology officer now directly owns 297,925 shares in the company, valued at approximately $43,500,029.25. This trade represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares in the company, valued at $265,102,260.31. This represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 253,357 shares of company stock valued at $32,041,530.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RDDT. Raymond James & Associates lifted its stake in Reddit by 706.1% in the second quarter. Raymond James & Associates now owns 42,641 shares of the company’s stock worth $2,724,000 after acquiring an additional 37,351 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Reddit by 10.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after purchasing an additional 153,282 shares during the last quarter. ARK Investment Management LLC raised its holdings in Reddit by 1,491.2% in the second quarter. ARK Investment Management LLC now owns 159,936 shares of the company’s stock worth $10,218,000 after purchasing an additional 149,885 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Reddit during the second quarter valued at about $1,201,000. Finally, UMB Bank n.a. bought a new stake in shares of Reddit in the 2nd quarter valued at about $88,000.

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.