Reddit (NYSE:RDDT) Stock Price Up 7.1% Following Analyst Upgrade

Shares of Reddit, Inc. (NYSE:RDDT) were up 7.1% during mid-day trading on Tuesday after JMP Securities raised their price target on the stock from $160.00 to $190.00. JMP Securities currently has a market outperform rating on the stock. Reddit traded as high as $190.08 and last traded at $193.72. Approximately 983,319 shares changed hands during trading, a decline of 78% from the average daily volume of 4,569,829 shares. The stock had previously closed at $180.83.

RDDT has been the subject of a number of other reports. Robert W. Baird lifted their price target on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Bank of America upped their target price on shares of Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a report on Wednesday, January 8th. Morgan Stanley upgraded shares of Reddit from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $70.00 to $200.00 in a research note on Monday, December 9th. Sanford C. Bernstein upped their price objective on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Finally, Roth Capital cut Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $159.70.

Insiders Place Their Bets

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the sale, the chief technology officer now directly owns 35,252 shares in the company, valued at approximately $6,491,655.80. This trade represents a 12.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $113.13, for a total value of $1,583,820.00. Following the sale, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at $73,735,305.75. This trade represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 264,357 shares of company stock worth $40,449,488.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently made changes to their positions in RDDT. Ridgewood Investments LLC lifted its holdings in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares during the period. Spire Wealth Management acquired a new position in Reddit during the 4th quarter valued at about $35,000. Whittier Trust Co. bought a new position in shares of Reddit in the 3rd quarter valued at about $42,000. Blue Trust Inc. bought a new stake in shares of Reddit in the 4th quarter valued at about $59,000. Finally, New Wave Wealth Advisors LLC bought a new position in shares of Reddit during the fourth quarter worth $69,000.

Reddit Stock Performance

The company has a fifty day simple moving average of $164.41 and a two-hundred day simple moving average of $105.48.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping 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. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company’s quarterly revenue was up 67.9% compared to the same quarter last year. On average, equities analysts predict that Reddit, Inc. will post -3.48 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.