Reddit (NYSE:RDDT) Downgraded by Wall Street Zen to “Hold”

Wall Street Zen lowered shares of Reddit (NYSE:RDDT) from a buy rating to a hold rating in a research note released on Sunday morning.

RDDT has been the subject of several other research reports. Bank of America decreased their target price on Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a research note on Thursday, April 2nd. Citizens Jmp decreased their target price on Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a research note on Friday, May 1st. DA Davidson reaffirmed a “buy” rating and set a $200.00 target price on shares of Reddit in a research note on Friday, May 1st. Citigroup reaffirmed an “outperform” rating on shares of Reddit in a research note on Friday, May 1st. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $285.00 target price on shares of Reddit in a research note on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $228.61.

Reddit Stock Performance

NYSE:RDDT opened at $155.74 on Friday. Reddit has a 1 year low of $94.89 and a 1 year high of $282.95. The stock has a market cap of $29.75 billion, a price-to-earnings ratio of 44.50 and a beta of 1.85. The business has a fifty day moving average of $145.45 and a 200-day moving average of $183.43.

Reddit (NYSE:RDDT) last announced its 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 business had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. During the same quarter last year, the business posted $0.13 earnings per share. The company’s quarterly revenue was up 69.1% on a year-over-year basis. On average, equities research analysts predict that Reddit will post 4.78 EPS for the current year.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total value of $6,324,295.49. Following the completion of the transaction, the chief operating officer owned 1,088,451 shares in the company, valued at $175,752,182.97. This trade represents a 3.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Friday, February 27th. The shares were sold at an average price of $145.12, for a total value of $2,612,160.00. Following the completion of the transaction, the chief executive officer owned 411,195 shares of the company’s stock, valued at $59,672,618.40. This trade represents a 4.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have acquired 61,000 shares of company stock worth $8,870,815 and have sold 298,441 shares worth $43,966,159. 34.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On Reddit

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Huntington National Bank boosted its position in shares of Reddit by 25.6% in the 3rd quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after purchasing an additional 55 shares during the period. Institute for Wealth Management LLC. lifted its stake in Reddit by 6.1% in the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after acquiring an additional 62 shares in the last quarter. Roxbury Financial LLC lifted its stake in Reddit by 7.4% in the 4th quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after acquiring an additional 64 shares in the last quarter. Florida Financial Advisors LLC lifted its stake in Reddit by 6.7% in the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after acquiring an additional 68 shares in the last quarter. Finally, Diversified Trust Co lifted its stake in Reddit by 2.1% in the 1st quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock worth $440,000 after acquiring an additional 68 shares in the last quarter.

About Reddit

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.