Reddit (NYSE:RDDT) Reaches New 1-Year High After Analyst Upgrade

Reddit, Inc. (NYSE:RDDT)’s stock price reached a new 52-week high 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 trading hands. The stock had previously closed at $78.60.

A number of other research firms have also recently weighed in on RDDT. JMP Securities reaffirmed a “market outperform” rating and issued a $84.00 price target on shares of Reddit in a report on Tuesday, July 30th. Piper Sandler increased their target price on Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Jefferies Financial Group boosted their price target on shares of Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Cannonball Research started coverage on shares of Reddit in a report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective on the stock. Finally, Bank of America boosted their target price on shares of Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $73.61.

Insider Buying and Selling at Reddit

In other news, Director Mary Porter Gale sold 15,000 shares of Reddit stock in a transaction on Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the transaction, the director now owns 101,459 shares in the company, valued at $5,349,933.07. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $1,799,648.67. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $83,277,253.43. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Mary Porter Gale sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the sale, the director now owns 101,459 shares of the company’s stock, valued at $5,349,933.07. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 390,327 shares of company stock worth $23,503,224 in the last three months.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Frank Rimerman Advisors LLC acquired a new stake in Reddit during the third quarter worth $1,479,000. DekaBank Deutsche Girozentrale grew its holdings in shares of Reddit by 5.0% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 141,800 shares of the company’s stock worth $9,347,000 after purchasing an additional 6,800 shares during the period. Lyell Wealth Management LP acquired a new stake in shares of Reddit during the 3rd quarter worth about $516,000. Brighton Jones LLC purchased a new stake in Reddit in the 3rd quarter valued at about $2,898,000. Finally, Foundations Investment Advisors LLC acquired a new position in Reddit in the third quarter valued at about $341,000.

Reddit Stock Performance

The company’s 50 day simple moving average is $65.57 and its two-hundred day simple moving average is $60.17.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. The business’s revenue for the quarter was up 53.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.70) EPS. As a group, equities analysts forecast that Reddit, Inc. will post -4.1 EPS 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.