Reddit (NYSE:RDDT) Trading 7.1% Higher After Analyst Upgrade

Reddit, Inc. (NYSE:RDDT)’s stock price traded up 7.1% during mid-day trading on Tuesday after JMP Securities raised their price target on the stock from $160.00 to $190.00. JMP Securities currently has a market outperform rating on the stock. Reddit traded as high as $190.08 and last traded at $193.72. 983,319 shares were traded during trading, a decline of 78% from the average session volume of 4,569,829 shares. The stock had previously closed at $180.83.

A number of other analysts have also recently weighed in on RDDT. Citigroup increased their price objective on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Morgan Stanley raised shares of Reddit from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $70.00 to $200.00 in a report on Monday, December 9th. Bank of America increased their price target on shares of Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a report on Wednesday, January 8th. Needham & Company LLC increased their target price on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Finally, Roth Capital lowered Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $159.70.

Insider Buying and Selling at Reddit

In other Reddit news, Director Mary Porter Gale sold 5,000 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $114.40, for a total value of $572,000.00. Following the sale, the director now directly owns 46,459 shares in the company, valued at approximately $5,314,909.60. This trade represents a 9.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $113.13, for a total transaction of $1,583,820.00. Following the completion of the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $73,735,305.75. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 264,357 shares of company stock worth $40,449,488 over the last quarter.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hsbc Holdings PLC acquired a new stake in shares of Reddit during the 2nd quarter valued at $203,000. Truist Financial Corp acquired a new stake in Reddit during the 2nd quarter worth about $266,000. SG Americas Securities LLC purchased a new stake in Reddit during the third quarter valued at about $612,000. StoneCrest Wealth Management Inc. boosted its holdings in shares of Reddit by 2.6% in the third quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after buying an additional 176 shares during the period. Finally, Greenhouse Wealth Management LLC purchased a new position in shares of Reddit in the third quarter worth approximately $258,000.

Reddit Stock Up 3.6 %

The firm’s 50-day moving average price is $165.55 and its two-hundred day moving average price is $106.33.

Reddit (NYSE:RDDT) last announced its quarterly earnings data 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 firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit’s revenue was up 67.9% compared to the same quarter last year. As a group, research analysts predict that Reddit, Inc. will post -3.48 EPS for the current year.

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.