Reddit (NYSE:RDDT) Research Coverage Started at Guggenheim

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

RDDT has been the topic of a number of other research reports. The Goldman Sachs Group boosted their target price on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Robert W. Baird boosted their price target on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $70.00 to $200.00 in a research report on Monday, December 9th. Sanford C. Bernstein raised their price objective on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Finally, Loop Capital upped their price target on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.70.

Reddit Trading Up 4.3 %

Shares of NYSE:RDDT opened at $170.71 on Friday. The business’s 50 day moving average price is $127.73 and its 200-day moving average price is $85.35. Reddit has a 1 year low of $37.35 and a 1 year high of $180.74.

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

Insider Activity

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the sale, the chief executive officer now directly owns 620,971 shares of the company’s stock, valued at approximately $109,415,090.20. The trade was a 2.20 % 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 33,334 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $76.27, for a total transaction of $2,542,384.18. Following the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $117,643,195.39. This represents 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 have sold 253,357 shares of company stock worth $32,041,530.

Institutional Investors Weigh In On Reddit

Large investors have recently made changes to their positions in the stock. ARK Investment Management LLC increased its stake in shares of Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after purchasing an additional 192,785 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Reddit by 3,640.5% in the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after purchasing an additional 248,499 shares during the period. Victory Capital Management Inc. boosted its position in shares of Reddit by 903.8% during the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after acquiring an additional 453,894 shares in the last quarter. Mission Creek Capital Partners Inc. acquired a new stake in shares of Reddit in the 3rd quarter valued at $7,490,000. Finally, Quadrature Capital Ltd acquired a new position in Reddit during the third quarter worth about $3,801,000.

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.