Seaport Res Ptn Upgrades Reddit (NYSE:RDDT) to “Hold”

Reddit (NYSE:RDDT) was upgraded by equities researchers at Seaport Res Ptn to a “hold” rating in a note issued to investors on Thursday,Zacks.com reports.

Other research analysts also recently issued research reports about the company. Raymond James lifted their price objective on Reddit from $150.00 to $200.00 and gave the stock a “strong-buy” rating in a report on Tuesday, January 21st. Bank of America raised their price target on Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 8th. Piper Sandler increased their price target on Reddit from $150.00 to $197.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 14th. Loop Capital raised 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. Finally, Guggenheim initiated coverage on shares of Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 price target for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $159.70.

Reddit Stock Up 4.1 %

NYSE RDDT opened at $225.42 on Thursday. Reddit has a one year low of $37.35 and a one year high of $227.05. The business has a 50 day simple moving average of $174.72 and a 200 day simple moving average of $112.61.

Insider Activity at Reddit

In other news, CFO Andrew Vollero sold 19,838 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $143.22, for a total value of $2,841,198.36. Following the completion of the sale, the chief financial officer now directly owns 703,615 shares of the company’s stock, valued at approximately $100,771,740.30. This represents a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $124,083,012.24. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 259,357 shares of company stock worth $41,121,108.

Institutional Trading of Reddit

A number of institutional investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its holdings in shares of Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after purchasing an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. purchased a new stake in shares of Reddit during the third quarter worth about $474,403,000. Jennison Associates LLC purchased a new position in shares of Reddit during the fourth quarter valued at approximately $494,861,000. Holocene Advisors LP boosted its position in Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after acquiring an additional 1,923,109 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its stake in Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after acquiring an additional 2,225,895 shares during the period.

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.