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

Shares of Reddit, Inc. (NYSE:RDDT) rose 4.4% during mid-day 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 changed hands during mid-day trading, a decline of 83% from the average daily volume of 4,992,294 shares. The stock had previously closed at $141.64.

Several other analysts also recently issued reports on the company. The Goldman Sachs Group upped their price target on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. JMP Securities increased their price target on Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a report on Monday, November 25th. Needham & Company LLC lifted 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. Raymond James raised their target price on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. Finally, Bank of America boosted their target price on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $103.17.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $59.19, for a total transaction of $828,660.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $38,578,562.25. This represents a 2.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 owns 1,542,457 shares of the company’s stock, valued at approximately $91,282,605.26. This represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 325,644 shares of company stock worth $31,195,790.

Institutional Investors Weigh In On Reddit

Hedge funds have recently added to or reduced their stakes in the business. ARK Investment Management LLC increased its holdings in Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after purchasing an additional 192,785 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Reddit by 903.8% in the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock valued at $33,231,000 after acquiring an additional 453,894 shares in the last quarter. Objective Capital Management LLC purchased a new stake in shares of Reddit during the 3rd quarter valued at $391,000. VY Capital Management Co. Ltd. bought a new position in Reddit during the third quarter valued at about $474,403,000. Finally, Claro Advisors LLC bought a new stake in Reddit in the third quarter worth about $2,557,000.

Reddit Price Performance

The stock’s 50 day simple moving average is $102.91 and its two-hundred day simple moving average is $75.68.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $313.61 million. The firm’s revenue was up 67.9% on a year-over-year basis. 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.