Reddit (NYSE:RDDT) Earns Outperform Rating from Analysts at Oppenheimer

Investment analysts at Oppenheimer initiated coverage on shares of Reddit (NYSE:RDDT) in a report released on Wednesday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating and a $125.00 price target on the stock. Oppenheimer’s price objective indicates a potential upside of 29.77% from the stock’s current price.

Several other brokerages have also commented on RDDT. JPMorgan Chase & Co. lowered their price objective on shares of Reddit from $185.00 to $110.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Bank of America dropped their price objective on shares of Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a report on Wednesday, April 9th. Loop Capital reiterated a “buy” rating and issued a $210.00 price target on shares of Reddit in a research note on Tuesday, March 11th. Finally, Wells Fargo & Company cut their price objective on Reddit from $215.00 to $158.00 and set an “overweight” rating for the company in a research report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus target price of $145.26.

Reddit Price Performance

Reddit stock opened at $96.33 on Wednesday. The firm has a market cap of $17.43 billion and a P/E ratio of -12.46. Reddit has a one year low of $37.35 and a one year high of $230.41. The stock’s 50 day moving average is $139.02 and its 200 day moving average is $140.27.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Equities analysts anticipate that Reddit will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 92,299 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the transaction, the insider now owns 115,001 shares of the company’s stock, valued at $18,095,407.35. The trade was a 44.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the transaction, the chief executive officer now owns 577,013 shares in the company, valued at $59,593,902.64. This represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 589,794 shares of company stock worth $86,967,644 over the last ninety days.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. FMR LLC raised its stake in shares of Reddit by 7.5% during the fourth quarter. FMR LLC now owns 13,070,780 shares of the company’s stock valued at $2,136,288,000 after acquiring an additional 913,189 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after buying an additional 5,950,909 shares during the last quarter. Jennison Associates LLC acquired a new stake in shares of Reddit during the fourth quarter worth $494,861,000. Alliancebernstein L.P. raised its stake in Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after acquiring an additional 2,537,768 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its stake in Reddit by 12.8% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company’s stock valued at $304,325,000 after purchasing an additional 211,636 shares during the last quarter.

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.