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

Shares of Reddit, Inc. (NYSE:RDDT) rose 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. Approximately 840,143 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 4,992,294 shares. The stock had previously closed at $141.64.

A number of other equities analysts also recently commented on the stock. Sanford C. Bernstein upped their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. JMP Securities raised their price objective on shares of Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research report on Monday, November 25th. The Goldman Sachs Group lifted their price objective on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. JPMorgan Chase & Co. increased their target price on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Finally, Citigroup lifted their price target on Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.17.

Insider Activity at Reddit

In other news, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction on Monday, September 16th. The stock was sold at an average price of $59.18, for a total value of $1,972,646.94. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $91,282,605.26. The trade was a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $828,660.00. Following the transaction, the chief executive officer now owns 651,775 shares in the company, valued at $38,578,562.25. This trade represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 311,644 shares of company stock valued at $29,210,730.

Hedge Funds Weigh In On Reddit

Several institutional investors and hedge funds have recently bought and sold shares of RDDT. Vanguard Group Inc. acquired a new position in shares of Reddit in the 1st quarter valued at $82,167,000. Janus Henderson Group PLC acquired a new stake in Reddit during the first quarter worth about $741,000. Renaissance Capital LLC purchased a new position in shares of Reddit in the 2nd quarter worth about $1,455,000. SOA Wealth Advisors LLC. acquired a new position in shares of Reddit in the 2nd quarter valued at about $78,000. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Reddit during the 2nd quarter worth approximately $19,876,000.

Reddit Price Performance

The company’s fifty day moving average is $99.72 and its 200 day moving average is $74.46.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $313.61 million. Reddit’s revenue for the quarter was up 67.9% on a year-over-year basis. As a group, equities analysts expect that Reddit, Inc. will post -3.63 EPS for the current fiscal 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.