Reddit (NYSE:RDDT) Coverage Initiated by Analysts at B. Riley

B. Riley assumed coverage on shares of Reddit (NYSE:RDDT) in a research report sent to investors on Friday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $75.00 price objective on the stock.

RDDT has been the topic of a number of other research reports. Sanford C. Bernstein raised their price target on Reddit from $45.00 to $50.00 and gave the stock an underperform rating in a report on Monday, July 22nd. Piper Sandler lifted their target price on Reddit from $65.00 to $70.00 and gave the company an overweight rating in a research note on Wednesday, August 7th. Cannonball Research started coverage on Reddit in a research note on Tuesday, August 6th. They set a buy rating and a $67.00 price target for the company. Bank of America increased their price target on Reddit from $57.00 to $60.00 and gave the stock a neutral rating in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Reddit from $67.00 to $59.00 and set a neutral rating for the company in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $66.12.

Reddit Trading Up 2.2 %

RDDT opened at $65.99 on Friday. Reddit has a 52 week low of $37.35 and a 52 week high of $78.08. The stock’s 50 day moving average price is $59.47.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.25. The business had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. During the same quarter last year, the company earned ($0.70) EPS. The firm’s revenue for the quarter was up 53.6% compared to the same quarter last year. Equities analysts predict that Reddit will post -4.17 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In related news, CFO Andrew Vollero sold 11,287 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the completion of the transaction, the chief financial officer now directly owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Reddit news, Director Mary Porter Gale sold 15,000 shares of Reddit stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $52.73, for a total transaction of $790,950.00. Following the completion of the transaction, the director now owns 101,459 shares in the company, valued at $5,349,933.07. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 11,287 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total transaction of $722,368.00. Following the completion of the sale, the chief financial officer now owns 840,379 shares in the company, valued at $53,784,256. The disclosure for this sale can be found here. Insiders have sold 262,993 shares of company stock valued at $14,618,959 in the last quarter.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Inclusive Capital Partners L.P. acquired a new stake in Reddit during the 1st quarter valued at $103,051,000. Vanguard Group Inc. acquired a new stake in shares of Reddit during the first quarter valued at $82,167,000. Price T Rowe Associates Inc. MD purchased a new stake in Reddit during the 1st quarter worth about $37,015,000. Blackstone Inc. acquired a new position in Reddit in the 1st quarter valued at about $36,990,000. Finally, Marshall Wace LLP lifted its holdings in Reddit by 117.2% in the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after purchasing an additional 457,588 shares in 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.