Reddit (NYSE:RDDT) Stock Rating Upgraded by B. Riley

Reddit (NYSE:RDDT) was upgraded by stock analysts at B. Riley to a “strong-buy” rating in a report issued on Thursday, Zacks.com reports.

Several other research firms also recently weighed in on RDDT. Bank of America lifted their price target on shares of Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Sanford C. Bernstein lifted their target price on Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Monday, July 22nd. Raymond James increased their price target on Reddit from $65.00 to $70.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, July 31st. Needham & Company LLC restated a “buy” rating and issued a $75.00 price objective on shares of Reddit in a report on Wednesday. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Reddit from $67.00 to $59.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.12.

Reddit Stock Performance

Shares of Reddit stock opened at $65.99 on Thursday. The firm has a fifty day simple moving average of $59.47. Reddit has a 52 week low of $37.35 and a 52 week high of $78.08.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. During the same quarter in the previous year, the company posted ($0.70) earnings per share. The company’s revenue for the quarter was up 53.6% on a year-over-year basis. On average, equities analysts expect that Reddit will post -4.17 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Andrew Vollero sold 11,287 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the transaction, the chief financial officer now directly owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Reddit news, CFO Andrew Vollero sold 11,287 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total transaction of $722,368.00. Following the sale, the chief financial officer now owns 840,379 shares in the company, valued at approximately $53,784,256. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Michelle Marie Reynolds sold 12,000 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total value of $648,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 71,162 shares in the company, valued at $3,842,748. The disclosure for this sale can be found here. In the last quarter, insiders have sold 262,993 shares of company stock valued at $14,618,959.

Hedge Funds Weigh In On Reddit

A number of institutional investors have recently bought and sold shares of the business. Inclusive Capital Partners L.P. purchased a new stake in shares of Reddit in the 1st quarter valued at $103,051,000. Vanguard Group Inc. acquired a new position in Reddit during the first quarter valued at $82,167,000. Price T Rowe Associates Inc. MD purchased a new stake in Reddit in the first quarter valued at $37,015,000. Blackstone Inc. acquired a new stake in Reddit during the 1st quarter worth about $36,990,000. Finally, Marshall Wace LLP raised its stake in shares of Reddit by 117.2% during the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after buying an additional 457,588 shares during the last quarter.

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.