Reddit (NYSE:RDDT) Shares Up 7.1% After Analyst Upgrade

Shares of Reddit, Inc. (NYSE:RDDTGet Free Report) traded up 7.1% on Friday after The Goldman Sachs Group raised their price target on the stock from $40.00 to $55.00. The Goldman Sachs Group currently has a neutral rating on the stock. Reddit traded as high as 53.98 and last traded at 53.66. 2,154,922 shares traded hands during trading, a decline of 65% from the average session volume of 6,174,708 shares. The stock had previously closed at 50.11.

RDDT has been the subject of several other research reports. Bank of America assumed coverage on shares of Reddit in a research note on Tuesday, April 16th. They issued a “neutral” rating and a $46.00 price target for the company. Roth Mkm lifted their target price on Reddit from $50.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. started coverage on Reddit in a report on Monday, April 15th. They set a “neutral” rating and a $47.00 price target for the company. New Street Research began coverage on shares of Reddit in a report on Tuesday, March 26th. They issued a “neutral” rating and a $54.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Reddit in a research report on Tuesday, April 16th. They issued a “buy” rating and a $50.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of 54.87.

Check Out Our Latest Research Report on Reddit

Insider Activity at Reddit

In other Reddit news, Director David C. Habiger bought 3,000 shares of the company’s stock in a transaction on Monday, March 25th. The shares were bought at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the transaction, the director now owns 24,906 shares of the company’s stock, valued at approximately 846,804. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director David C. Habiger purchased 3,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were acquired at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the acquisition, the director now directly owns 24,906 shares in the company, valued at approximately 846,804. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 185,000 shares of the firm’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 5,975,500.00. Following the completion of the transaction, the chief technology officer now owns 413,684 shares of the company’s stock, valued at approximately 13,361,993.20. The disclosure for this sale can be found here. Insiders have sold a total of 1,084,798 shares of company stock worth $35,038,975 in the last three months.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC purchased a new position in Reddit in the 1st quarter valued at about $27,000. BNP Paribas Financial Markets acquired a new position in shares of Reddit in the first quarter valued at approximately $37,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of Reddit during the first quarter valued at approximately $63,000. SG Americas Securities LLC acquired a new position in Reddit in the 1st quarter valued at $265,000. Finally, Congress Park Capital LLC purchased a new position in shares of Reddit during the 1st quarter worth $279,000.

Reddit Trading Up 6.8 %

Reddit (NYSE:RDDTGet Free Report) last posted its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The firm had revenue of 243.00 million for the quarter, compared to the consensus estimate of 213.99 million. During the same period in the prior year, the company posted ($1.05) earnings per share. Reddit’s revenue was up 48.4% on a year-over-year basis. On average, analysts forecast that Reddit, Inc. will post -7.09 EPS for the current fiscal year.

Reddit Company Profile

(Get Free Report)

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.

Featured Stories

Receive News & Ratings for Reddit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reddit and related companies with MarketBeat.com's FREE daily email newsletter.