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

Reddit (NYSE:RDDT) was upgraded by analysts at B. Riley to a “strong-buy” rating in a research report issued on Thursday, Zacks.com reports.

A number of other analysts also recently issued reports on the company. JPMorgan Chase & Co. dropped their price target on Reddit from $67.00 to $59.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Bank of America lifted their price target on Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Piper Sandler boosted their target price on Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Roth Mkm dropped their target price on Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Finally, Needham & Company LLC restated a “buy” rating and issued a $75.00 target price on shares of Reddit in a research report on Wednesday. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $66.12.

Reddit Stock Up 2.2 %

Shares of NYSE RDDT opened at $65.99 on Thursday. Reddit has a 52 week low of $37.35 and a 52 week high of $78.08. The business has a 50-day moving average of $59.47.

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

Insider Activity

In other news, CFO Andrew Vollero sold 11,287 shares of the business’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 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 $53,784,256. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Andrew Vollero sold 11,287 shares of the company’s stock in a transaction 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 sale, the chief financial officer now directly owns 840,379 shares of the company’s stock, valued at $53,784,256. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, 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 completion of the sale, the insider now directly owns 194,473 shares in the company, valued at $10,499,597.27. The disclosure for this sale can be found here. Over the last three months, insiders have sold 262,993 shares of company stock valued at $14,618,959.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new position in shares of Reddit during the first quarter valued at $37,000. ANTIPODES PARTNERS Ltd bought a new position in shares of Reddit during the first quarter valued at $63,000. SOA Wealth Advisors LLC. bought a new position in shares of Reddit during the second quarter valued at $78,000. Sandia Investment Management LP bought a new position in shares of Reddit during the first quarter valued at $79,000. Finally, UMB Bank n.a. bought a new position in shares of Reddit during the second quarter valued at $88,000.

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.