Reddit (NYSE:RDDT) Upgraded to “Hold” at Seaport Res Ptn

Reddit (NYSE:RDDT) was upgraded by investment analysts at Seaport Res Ptn to a “hold” rating in a research note issued on Thursday,Zacks.com reports.

A number of other equities analysts also recently weighed in on RDDT. Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. Sanford C. Bernstein boosted their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. Loop Capital raised their target price on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Roth Mkm downgraded Reddit from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Finally, Needham & Company LLC raised their price objective on Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $159.70.

Reddit Stock Down 1.9 %

NYSE:RDDT opened at $216.91 on Thursday. Reddit has a twelve month low of $37.35 and a twelve month high of $222.44. The stock’s 50 day moving average price is $173.19 and its two-hundred day moving average price is $111.88.

Insider Activity

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the sale, the chief operating officer now directly owns 1,504,297 shares in the company, valued at $261,642,377.21. This represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $82,110,614.50. This represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 259,357 shares of company stock worth $41,121,108.

Institutional Trading of Reddit

Large investors have recently made changes to their positions in the company. Truist Financial Corp bought a new stake in Reddit during the second quarter worth $266,000. SG Americas Securities LLC bought a new position in shares of Reddit in the 3rd quarter valued at $612,000. LifePro Asset Management acquired a new position in shares of Reddit during the 3rd quarter worth $2,389,000. Beaumont Financial Advisors LLC bought a new stake in shares of Reddit during the 3rd quarter worth $388,000. Finally, Paragon Capital Management Ltd acquired a new stake in Reddit in the third quarter valued at about $204,000.

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.