Reddit (NYSE:RDDT) Trading 4.4% Higher on Analyst Upgrade

Shares of Reddit, Inc. (NYSE:RDDT) traded up 4.4% on Tuesday after Loop Capital raised their price target on the stock from $120.00 to $180.00. Loop Capital currently has a buy rating on the stock. Reddit traded as high as $148.22 and last traded at $147.86. 840,143 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 4,992,294 shares. The stock had previously closed at $141.64.

A number of other brokerages have also recently commented on RDDT. Roth Mkm upped their price target on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Raymond James upped their price target on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 10th. Citigroup upped their price target on Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Bank of America upped their price target on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, JMP Securities upped their price target on Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $103.17.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $59.19, for a total transaction of $828,660.00. Following the completion of the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at $38,578,562.25. This represents a 2.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $59.18, for a total value of $1,972,646.94. Following the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $91,282,605.26. This represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 325,644 shares of company stock worth $31,195,790.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently made changes to their positions in the company. StoneCrest Wealth Management Inc. boosted its position in shares of Reddit by 2.6% during the third quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock valued at $451,000 after purchasing an additional 176 shares in the last quarter. Whittier Trust Co. purchased a new stake in Reddit during the third quarter valued at $42,000. SOA Wealth Advisors LLC. increased its position in Reddit by 56.3% during the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after acquiring an additional 691 shares during the last quarter. MML Investors Services LLC increased its position in Reddit by 12.0% during the third quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock valued at $467,000 after acquiring an additional 757 shares during the last quarter. Finally, Vestor Capital LLC increased its position in Reddit by 1.1% during the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock valued at $5,589,000 after acquiring an additional 922 shares during the last quarter.

Reddit Trading Up 3.0 %

The business has a 50-day moving average of $104.64 and a 200 day moving average of $76.23.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, equities analysts forecast that Reddit, Inc. will post -3.63 EPS for the current year.

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.