Reddit (NYSE:RDDT) Sets New 12-Month High Following Analyst Upgrade

Reddit, Inc. (NYSE:RDDT) shares hit a new 52-week high during mid-day trading on Friday after Loop Capital raised their price target on the stock from $80.00 to $90.00. Loop Capital currently has a buy rating on the stock. Reddit traded as high as $81.46 and last traded at $81.18, with a volume of 1236328 shares traded. The stock had previously closed at $78.60.

Several other equities analysts have also recently commented on RDDT. Raymond James raised their price target on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 10th. Piper Sandler lifted their target price on Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Bank of America upped 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. Cannonball Research initiated coverage on Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective for the company. Finally, Morgan Stanley upped their target price on shares of Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and an average price target of $73.61.

Insiders Place Their Bets

In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total value of $648,000.00. Following the completion of the sale, the chief accounting officer now directly owns 71,162 shares of the company’s stock, valued at approximately $3,842,748. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Reddit news, CFO Andrew Vollero sold 11,287 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now directly owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Michelle Marie Reynolds sold 12,000 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total transaction of $648,000.00. Following the sale, the chief accounting officer now owns 71,162 shares of the company’s stock, valued at $3,842,748. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 390,327 shares of company stock valued at $23,503,224.

Institutional Trading of Reddit

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale purchased a new position in shares of Reddit in the 1st quarter valued at approximately $7,363,000. Commonwealth Equity Services LLC acquired a new stake in shares of Reddit during the first quarter worth $1,111,000. VY Capital Management Co. Ltd. purchased a new position in Reddit in the 3rd quarter valued at $474,403,000. Claro Advisors LLC acquired a new position in Reddit in the 3rd quarter valued at $2,557,000. Finally, BNP Paribas Financial Markets purchased a new position in Reddit during the 1st quarter worth $37,000.

Reddit Stock Up 3.5 %

The company’s 50 day moving average price is $65.57 and its 200 day moving average price is $60.17.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to analyst estimates of $253.86 million. During the same quarter in the previous year, the business earned ($0.70) EPS. Reddit’s revenue for the quarter was up 53.6% on a year-over-year basis. Equities research analysts expect that Reddit, Inc. will post -4.1 earnings per share 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.