Reddit (NYSE:RDDT) Sets New 52-Week High After Analyst Upgrade

Reddit, Inc. (NYSE:RDDT) shares reached a new 52-week high during mid-day trading on Friday after Loop Capital raised their price target on the stock from $80.00 to $90.00. Loop Capital currently has a buy rating on the stock. Reddit traded as high as $81.46 and last traded at $81.18, with a volume of 1236328 shares trading hands. The stock had previously closed at $78.60.

A number of other equities analysts have also recently weighed in on RDDT. Piper Sandler upped their price target on Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. B. Riley increased their target price on Reddit from $75.00 to $87.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Bank of America boosted their price target on shares of Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Jefferies Financial Group increased their price objective on shares of Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, Roth Mkm boosted their target price on shares of Reddit from $66.00 to $89.00 and gave the stock a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $73.61.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 50,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $65.01, for a total value of $3,250,500.00. Following the transaction, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $100,275,129.57. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Mary Porter Gale sold 15,000 shares of Reddit stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $52.73, for a total value of $790,950.00. Following the completion of the transaction, the director now owns 101,459 shares in the company, valued at approximately $5,349,933.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 50,000 shares of Reddit stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total value of $3,250,500.00. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $100,275,129.57. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 390,327 shares of company stock worth $23,503,224.

Institutional Investors Weigh In On Reddit

Institutional investors have recently modified their holdings of the company. VY Capital Management Co. Ltd. purchased a new position in Reddit in the third quarter valued at approximately $474,403,000. Inclusive Capital Partners L.P. acquired a new stake in Reddit during the 1st quarter worth $103,051,000. Vanguard Group Inc. acquired a new stake in Reddit during the 1st quarter worth $82,167,000. Bank of New York Mellon Corp lifted its position in Reddit by 10.1% in the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after acquiring an additional 153,282 shares during the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of Reddit by 117.2% in the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after purchasing an additional 457,588 shares during the last quarter.

Reddit Price Performance

The business has a 50-day moving average of $65.57 and a 200-day moving average of $60.17.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to analyst estimates of $253.86 million. Reddit’s revenue was up 53.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.70) earnings per share. Research analysts anticipate that Reddit, Inc. will post -4.1 earnings per share for the current year.

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.