KeyCorp Upgrades Reddit (NYSE:RDDT) to “Strong-Buy”

Reddit (NYSE:RDDT) was upgraded by KeyCorp to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other research analysts also recently issued reports on RDDT. Zacks Research upgraded Reddit from a “hold” rating to a “strong-buy” rating in a report on Monday. Wedbush reiterated an “outperform” rating on shares of Reddit in a research report on Thursday, July 23rd. Wells Fargo & Company boosted their target price on Reddit from $176.00 to $187.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. Needham & Company LLC restated a “buy” rating and set a $300.00 target price on shares of Reddit in a report on Wednesday, June 24th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $200.00 price target on shares of Reddit in a research note on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $232.23.

Reddit Trading Down 0.3%

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

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

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the transaction, the chief operating officer owned 1,088,451 shares in the company, valued at approximately $172,541,252.52. This represents a 3.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total value of $161,600.00. Following the completion of the transaction, the chief accounting officer directly owned 15,060 shares of the company’s stock, valued at $3,012,000. This 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. In the last quarter, insiders have sold 169,141 shares of company stock worth $28,680,845. Company insiders own 28.48% of the company’s stock.

Hedge Funds Weigh In On Reddit

Several institutional investors and hedge funds have recently added to or reduced their stakes in RDDT. Udine Wealth Management Inc. bought a new stake in shares of Reddit during the 2nd quarter valued at $2,901,000. Bogart Wealth LLC increased its stake in shares of Reddit by 8,400.0% in the 2nd quarter. Bogart Wealth LLC now owns 595 shares of the company’s stock worth $103,000 after acquiring an additional 588 shares in the last quarter. a16z Perennial Management L.P. purchased a new position in Reddit during the 2nd quarter valued at about $430,000. Sidoxia Capital Management LLC purchased a new position in Reddit during the 2nd quarter valued at about $713,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Reddit by 48.1% during the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after acquiring an additional 64 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.