Reddit (NYSE:RDDT) Sets New 1-Year High Following Analyst Upgrade

Reddit, Inc. (NYSE:RDDT)’s share price hit a new 52-week high during trading on Thursday after JMP Securities raised their price target on the stock from $84.00 to $118.00. JMP Securities currently has a market outperform rating on the stock. Reddit traded as high as $119.17 and last traded at $116.38, with a volume of 629567 shares changing hands. The stock had previously closed at $116.05.

A number of other analysts have also commented on RDDT. Bank of America boosted their price target on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a report on Wednesday. Roth Mkm boosted their price target on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday. Loop Capital boosted their price target on Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, October 25th. Citigroup upped their target price on Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Jefferies Financial Group upped their target price on Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $89.72.

Insider Buying and Selling at Reddit

In related news, COO Jennifer L. Wong sold 50,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $100,275,129.57. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Mary Porter Gale sold 15,000 shares of the stock in a transaction on Friday, August 9th. The stock was 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 directly owns 101,459 shares in the company, valued at approximately $5,349,933.07. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 50,000 shares of the 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 $100,275,129.57. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 390,327 shares of company stock worth $23,503,224 over the last 90 days.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Commonwealth Equity Services LLC bought a new position in Reddit during the 1st quarter worth $1,111,000. BNP Paribas Financial Markets bought a new position in Reddit during the 1st quarter worth $37,000. SG Americas Securities LLC bought a new position in Reddit during the 1st quarter worth $265,000. ANTIPODES PARTNERS Ltd bought a new position in Reddit during the 1st quarter worth $63,000. Finally, Vanguard Group Inc. bought a new position in Reddit during the 1st quarter worth $82,167,000.

Reddit Trading Up 1.7 %

The company has a 50-day moving average of $67.80 and a 200-day moving average of $61.21.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The company’s quarterly revenue was up 67.9% on a year-over-year basis. On average, equities research analysts anticipate that Reddit, Inc. will post -4.05 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.