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

Reddit, Inc. (NYSE:RDDT)’s stock price hit a new 52-week high during mid-day trading on Thursday after JMP Securities raised their price target on the stock from $84.00 to $118.00. JMP Securities currently has a market outperform rating on the stock. Reddit traded as high as $119.17 and last traded at $116.38, with a volume of 629567 shares traded. The stock had previously closed at $116.05.

Several other research firms also recently commented on RDDT. Raymond James raised their target price on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 10th. Needham & Company LLC increased their price target on Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday. Jefferies Financial Group lifted their price objective on Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Citigroup raised their price target on Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Loop Capital lifted their price objective on Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.72.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total transaction of $755,720.00. Following the sale, the chief executive officer now directly owns 672,352 shares in the company, valued at $36,293,560.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total value of $755,720.00. Following the transaction, the chief executive officer now owns 672,352 shares in the company, valued at $36,293,560.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the sale, the chief technology officer now owns 30,068 shares in the company, valued at $2,329,668.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 390,327 shares of company stock valued at $23,503,224 over the last 90 days.

Institutional Investors Weigh In On Reddit

Institutional investors have recently bought and sold shares of the stock. Commonwealth Equity Services LLC bought a new position in Reddit during the first quarter worth about $1,111,000. BNP Paribas Financial Markets acquired a new position in Reddit in the first quarter valued at about $37,000. SG Americas Securities LLC acquired a new position in shares of Reddit in the 1st quarter valued at approximately $265,000. ANTIPODES PARTNERS Ltd bought a new stake in Reddit during the first quarter worth $63,000. Finally, Vanguard Group Inc. bought a new stake in shares of Reddit during the 1st quarter worth $82,167,000.

Reddit Stock Up 2.7 %

The business’s 50 day moving average price is $69.05 and its two-hundred day moving average price is $61.61.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The company’s revenue was up 67.9% compared to the same quarter last year. Sell-side analysts anticipate that Reddit, Inc. will post -4.05 earnings per share 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.