Reddit (NYSE:RDDT) Shares Gap Up Following Analyst Upgrade

Shares of Reddit, Inc. (NYSE:RDDT) gapped up before the market opened on Wednesday after Needham & Company LLC raised their price target on the stock from $120.00 to $190.00. The stock had previously closed at $155.93, but opened at $164.00. Needham & Company LLC currently has a buy rating on the stock. Reddit shares last traded at $162.80, with a volume of 1,021,015 shares trading hands.

Several other research firms have also issued reports on RDDT. Citigroup upped their target price on shares of Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. B. Riley reissued a “buy” rating and issued a $112.00 price target (up from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Sanford C. Bernstein boosted their price target on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Loop Capital boosted their price target on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. Finally, Bank of America boosted their price target on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $124.42.

Insider Buying and Selling at Reddit

In other news, insider Benjamin Seong Lee sold 18,519 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the completion of the sale, the insider now owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. This represents a 11.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $59.18, for a total value of $1,972,646.94. Following the sale, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at approximately $91,282,605.26. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 325,644 shares of company stock worth $31,195,790 over the last ninety days.

Institutional Trading of Reddit

Institutional investors have recently made changes to their positions in the stock. Whittier Trust Co. purchased a new stake in Reddit in the third quarter worth $42,000. SOA Wealth Advisors LLC. purchased a new stake in Reddit in the second quarter worth $78,000. Daiwa Securities Group Inc. purchased a new stake in Reddit in the third quarter worth $85,000. UMB Bank n.a. purchased a new stake in Reddit in the second quarter worth $88,000. Finally, Sanctuary Advisors LLC purchased a new position in Reddit during the third quarter valued at $144,000.

Reddit Trading Up 6.4 %

The firm has a 50-day simple moving average of $112.11 and a 200 day simple moving average of $79.25.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, equities research analysts forecast that Reddit, Inc. will post -3.54 EPS for the current fiscal 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.