Reddit (NYSE:RDDT) Trading 3.2% Higher

Reddit, Inc. (NYSE:RDDT)’s stock price traded up 3.2% on Tuesday . The stock traded as high as $60.23 and last traded at $60.12. 1,901,704 shares traded hands during trading, a decline of 58% from the average session volume of 4,480,829 shares. The stock had previously closed at $58.26.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Cannonball Research assumed coverage on Reddit in a report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective on the stock. Morgan Stanley lifted their price objective on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Sanford C. Bernstein lifted their price objective on Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Monday, July 22nd. Bank of America lifted their price objective on Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, The Goldman Sachs Group raised their target price on Reddit from $40.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $65.56.

Reddit Stock Up 4.6 %

The stock’s 50-day simple moving average is $61.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.25. The business 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 firm posted ($0.70) EPS. The company’s revenue for the quarter was up 53.6% compared to the same quarter last year. As a group, equities analysts expect that Reddit, Inc. will post -4.17 earnings per share for the current year.

Insider Transactions at Reddit

In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total transaction of $648,000.00. Following the completion of the sale, the chief accounting officer now owns 71,162 shares in the company, valued at $3,842,748. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total transaction of $648,000.00. Following the completion of the sale, the chief accounting officer now owns 71,162 shares in the company, valued at $3,842,748. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Benjamin Seong Lee sold 45,807 shares of Reddit stock in a transaction on 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 sale, the insider now directly owns 194,473 shares of the company’s stock, valued at $10,499,597.27. The disclosure for this sale can be found here. Insiders sold a total of 189,659 shares of company stock worth $10,213,519 over the last 90 days.

Institutional Investors Weigh In On Reddit

A number of institutional investors have recently made changes to their positions in the stock. Global Retirement Partners LLC acquired a new position in Reddit in the first quarter valued at about $27,000. BNP Paribas Financial Markets acquired a new position in Reddit in the first quarter valued at about $37,000. SOA Wealth Advisors LLC. acquired a new position in Reddit in the second quarter valued at about $78,000. ANTIPODES PARTNERS Ltd acquired a new position in Reddit in the first quarter valued at about $63,000. Finally, UMB Bank n.a. acquired a new position in Reddit in the second quarter valued at about $88,000.

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.