Reddit (NYSE:RDDT) Trading 7.1% Higher After Analyst Upgrade

Shares of Reddit, Inc. (NYSE:RDDT) rose 7.1% during trading on Tuesday after JMP Securities raised their price target on the stock from $160.00 to $190.00. JMP Securities currently has a market outperform rating on the stock. Reddit traded as high as $190.08 and last traded at $193.72. Approximately 983,319 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 4,569,829 shares. The stock had previously closed at $180.83.

Several other equities analysts also recently weighed in on the stock. The Goldman Sachs Group lifted their target price on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Loop Capital boosted their target price on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Jefferies Financial Group increased their target price on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Piper Sandler lifted their price target on Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research report on Tuesday, January 14th. Finally, B. Riley raised their target price on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $159.70.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $113.13, for a total value of $1,583,820.00. Following the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at $73,735,305.75. The trade was a 2.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Mary Porter Gale sold 5,000 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $114.40, for a total transaction of $572,000.00. Following the completion of the sale, the director now owns 46,459 shares in the company, valued at $5,314,909.60. This represents a 9.72 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 264,357 shares of company stock worth $40,449,488.

Institutional Investors Weigh In On Reddit

Several institutional investors have recently made changes to their positions in the company. Ridgewood Investments LLC raised its holdings in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the period. UMB Bank n.a. increased its position in shares of Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after acquiring an additional 150 shares during the period. Foundations Investment Advisors LLC grew its stake in Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after purchasing an additional 155 shares in the last quarter. Kingsview Wealth Management LLC lifted its holdings in shares of Reddit by 4.5% in the 4th quarter. Kingsview Wealth Management LLC now owns 3,986 shares of the company’s stock worth $651,000 after buying an additional 171 shares during the period. Finally, StoneCrest Wealth Management Inc. grew its position in shares of Reddit by 2.6% during the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after buying an additional 176 shares in the last quarter.

Reddit Stock Up 7.3 %

The stock’s 50 day moving average is $164.41 and its two-hundred day moving average is $105.48.

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 during 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 revenue was up 67.9% on a year-over-year basis. As a group, analysts anticipate that Reddit, Inc. will post -3.48 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.