Reddit (NYSE:RDDT) Upgraded to “Strong-Buy” at B. Riley

B. Riley upgraded shares of Reddit (NYSE:RDDT) to a strong-buy rating in a report issued on Thursday, Zacks.com reports.

Several other equities analysts also recently commented on RDDT. Cannonball Research started coverage on shares of Reddit in a research report on Tuesday, August 6th. They issued a buy rating and a $67.00 price target on the stock. JMP Securities reissued a market outperform rating and set a $84.00 target price on shares of Reddit in a research report on Tuesday, July 30th. Piper Sandler upped their price target on shares of Reddit from $65.00 to $70.00 and gave the company an overweight rating in a report on Wednesday, August 7th. Morgan Stanley boosted their price objective on Reddit from $63.00 to $70.00 and gave the stock an equal weight rating in a research report on Tuesday, July 23rd. Finally, Roth Mkm cut their price target on Reddit from $67.00 to $66.00 and set a buy rating for the company in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Reddit presently has an average rating of Moderate Buy and an average price target of $66.12.

Reddit Stock Performance

Reddit stock opened at $65.99 on Thursday. Reddit has a one year low of $37.35 and a one year high of $78.08. The stock’s fifty day simple moving average is $59.47.

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

Insider Buying and Selling at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value of $2,473,119.93. Following the sale, the insider now directly owns 194,473 shares in the company, valued at $10,499,597.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93. Following the transaction, the insider now directly owns 194,473 shares in the company, valued at $10,499,597.27. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Mary Porter Gale sold 30,000 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the sale, the director now directly owns 71,459 shares in the company, valued at $3,738,020.29. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 262,993 shares of company stock valued at $14,618,959.

Institutional Investors Weigh In On Reddit

A number of hedge funds and other institutional investors have recently bought and sold shares of RDDT. BNP Paribas Financial Markets acquired a new position in shares of Reddit during the first quarter worth approximately $37,000. ANTIPODES PARTNERS Ltd acquired a new position in Reddit during the 1st quarter worth $63,000. SOA Wealth Advisors LLC. acquired a new position in Reddit during the 2nd quarter worth $78,000. Sandia Investment Management LP bought a new position in Reddit in the 1st quarter valued at $79,000. Finally, UMB Bank n.a. acquired a new stake in shares of Reddit in the 2nd quarter valued at $88,000.

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.