Reddit (NYSE:RDDT) Trading 4.4% Higher on Analyst Upgrade

Reddit, Inc. (NYSE:RDDT)’s share price rose 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. Approximately 840,143 shares traded hands during trading, a decline of 83% from the average daily volume of 4,992,294 shares. The stock had previously closed at $141.64.

A number of other brokerages also recently issued reports on RDDT. Sanford C. Bernstein upped their price objective on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. Jefferies Financial Group increased their price objective on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Roth Mkm increased their target price on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Piper Sandler reissued an “overweight” rating and issued a $150.00 price objective (up previously from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. Finally, Citigroup raised their target price on Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and an average price target of $103.17.

Insider Transactions at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total value of $387,400.00. Following the sale, the chief technology officer now owns 30,068 shares of the company’s stock, valued at $2,329,668.64. The trade was a 14.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $59.18, for a total value of $1,972,646.94. Following the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $91,282,605.26. This represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 325,644 shares of company stock worth $31,195,790 in the last ninety days.

Hedge Funds Weigh In On Reddit

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wilmington Savings Fund Society FSB acquired a new position in shares of Reddit during the third quarter worth $3,929,000. Sanctuary Advisors LLC acquired a new position in Reddit in the third quarter valued at $144,000. SOA Wealth Advisors LLC. raised its holdings in shares of Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after buying an additional 691 shares during the last quarter. Geode Capital Management LLC raised its holdings in Reddit by 176.0% during the third quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock worth $54,355,000 after purchasing an additional 525,619 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in Reddit during the third quarter worth about $495,000.

Reddit Price Performance

The stock’s fifty day simple moving average is $104.64 and its 200-day simple moving average is $76.23.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Reddit, Inc. will post -3.63 EPS for the current year.

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.