Reddit (NYSE:RDDT) Trading Up 3.1%

Reddit, Inc. (NYSE:RDDT)’s share price shot up 3.1% during mid-day trading on Wednesday . The company traded as high as $63.88 and last traded at $63.80. 219,634 shares traded hands during mid-day trading, a decline of 95% from the average session volume of 4,361,535 shares. The stock had previously closed at $61.89.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RDDT. Cannonball Research started coverage on shares of Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price for the company. JPMorgan Chase & Co. dropped their target price on Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Loop Capital upgraded Reddit from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research note on Thursday, August 1st. Sanford C. Bernstein increased their price objective on shares of Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Monday, July 22nd. Finally, Piper Sandler boosted their target price on shares of Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $65.56.

Reddit Stock Up 1.4 %

The stock’s 50-day moving average is $59.86.

Reddit (NYSE:RDDT) last posted its earnings results 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 firm had revenue of $281.20 million during the quarter, compared to analyst estimates of $253.86 million. The business’s revenue for the quarter was up 53.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.70) earnings per share. On average, analysts expect that Reddit, Inc. will post -4.17 EPS for the current fiscal year.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 6,714 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $59.84, for a total value of $401,765.76. Following the sale, the chief executive officer now directly owns 658,352 shares of the company’s stock, valued at $39,395,783.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Benjamin Seong Lee sold 45,807 shares of Reddit stock in a transaction dated 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 in the company, valued at approximately $10,499,597.27. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Steve Ladd Huffman sold 6,714 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $59.84, for a total value of $401,765.76. Following the transaction, the chief executive officer now directly owns 658,352 shares of the company’s stock, valued at approximately $39,395,783.68. The disclosure for this sale can be found here. Insiders have sold a total of 204,373 shares of company stock valued at $11,095,284 in the last ninety days.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Congress Park Capital LLC acquired a new position in Reddit during the first quarter worth about $279,000. Commonwealth Equity Services LLC acquired a new position in shares of Reddit during the 1st quarter worth approximately $1,111,000. BNP Paribas Financial Markets acquired a new stake in shares of Reddit in the first quarter valued at approximately $37,000. SG Americas Securities LLC acquired a new position in Reddit during the first quarter worth $265,000. Finally, ANTIPODES PARTNERS Ltd purchased a new stake in Reddit in the 1st quarter valued at $63,000.

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.