Reddit (NYSE:RDDT) Shares Gap Up After Analyst Upgrade

Reddit, Inc. (NYSE:RDDT)’s stock price gapped up prior to trading on Wednesday after Needham & Company LLC raised their price target on the stock from $75.00 to $85.00. The stock had previously closed at $70.77, but opened at $73.64. Needham & Company LLC currently has a buy rating on the stock. Reddit shares last traded at $73.81, with a volume of 1,202,445 shares.

Several other research firms have also commented on RDDT. Roth Mkm dropped their target price on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Cannonball Research assumed coverage on Reddit in a report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective on the stock. JMP Securities reissued a “market outperform” rating and issued a $84.00 price objective on shares of Reddit in a report on Tuesday, July 30th. JPMorgan Chase & Co. raised their price objective on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday. Finally, Bank of America raised their price objective on Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $69.00.

Insider Transactions at Reddit

In other news, insider Benjamin Seong Lee sold 45,807 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value of $2,473,119.93. Following the completion of the sale, the insider now directly owns 194,473 shares of the company’s stock, valued at approximately $10,499,597.27. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other 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 value of $722,368.00. Following the completion of the sale, the chief financial officer now directly owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Benjamin Seong Lee sold 45,807 shares of the company’s 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 $2,473,119.93. Following the sale, the insider now directly owns 194,473 shares of the company’s stock, valued at approximately $10,499,597.27. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 337,993 shares of company stock valued at $19,517,419.

Institutional Trading of Reddit

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Inclusive Capital Partners L.P. acquired a new position in Reddit during the 1st quarter worth approximately $103,051,000. Vanguard Group Inc. acquired a new position in Reddit during the 1st quarter worth approximately $82,167,000. Bank of New York Mellon Corp increased its position in Reddit by 10.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after purchasing an additional 153,282 shares during the period. Marshall Wace LLP increased its position in Reddit by 117.2% during the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after purchasing an additional 457,588 shares during the period. Finally, Price T Rowe Associates Inc. MD acquired a new position in Reddit during the 1st quarter worth approximately $37,015,000.

Reddit Stock Performance

The company has a 50-day simple moving average of $60.13 and a 200-day simple moving average of $57.90.

Reddit (NYSE:RDDT) last issued its quarterly earnings results 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 business had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. During the same period in the prior year, the company earned ($0.70) EPS. The company’s revenue for the quarter was up 53.6% compared to the same quarter last year. Sell-side analysts forecast that Reddit, Inc. will post -4.13 earnings per share for the current fiscal 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.