Reddit (NYSE:RDDT) Stock Price Up 4.4% Following Analyst Upgrade

Reddit, Inc. (NYSE:RDDT) shares shot up 4.4% during trading 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. 840,143 shares were traded during mid-day trading, a decline of 83% from the average session volume of 4,992,294 shares. The stock had previously closed at $141.64.

A number of other analysts have also issued reports on RDDT. Citigroup boosted their price objective on Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Sanford C. Bernstein increased their price target on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Jefferies Financial Group boosted their price objective on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, November 25th. B. Riley reiterated a “buy” rating and issued a $112.00 target price (up from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Finally, Needham & Company LLC boosted their price target on shares of Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.17.

Insider Activity

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were 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 approximately $38,578,562.25. The trade was a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mary Porter Gale sold 5,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the transaction, the director now directly owns 46,459 shares of the company’s stock, valued at approximately $5,314,909.60. This trade represents a 9.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 325,644 shares of company stock valued at $31,195,790.

Institutional Investors Weigh In On Reddit

Institutional investors and hedge funds have recently made changes to their positions in the company. Whittier Trust Co. bought a new stake in shares of Reddit during the 3rd quarter valued at $42,000. SOA Wealth Advisors LLC. bought a new stake in shares of Reddit during the 2nd quarter worth approximately $78,000. Daiwa Securities Group Inc. bought a new position in shares of Reddit in the third quarter worth about $85,000. UMB Bank n.a. purchased a new position in shares of Reddit during the second quarter worth approximately $88,000. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Reddit in the 3rd quarter worth $144,000.

Reddit Trading Up 5.8 %

The company’s fifty day simple moving average is $102.91 and its 200-day simple moving average is $75.68.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The firm’s revenue for the quarter was up 67.9% on a year-over-year basis. On average, equities analysts anticipate that Reddit, Inc. will post -3.63 earnings per share for the current 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.