Reddit (NYSE:RDDT) Raised to “Strong-Buy” at B. Riley

B. Riley upgraded shares of Reddit (NYSE:RDDT) to a strong-buy rating in a research note published on Thursday morning, Zacks.com reports.

Other research analysts have also recently issued research reports about the company. Morgan Stanley upped their price target on Reddit from $63.00 to $70.00 and gave the company an equal weight rating in a report on Tuesday, July 23rd. Cannonball Research assumed coverage on Reddit in a report on Tuesday, August 6th. They set a buy rating and a $67.00 target price for the company. Bank of America lifted their price target on Reddit from $57.00 to $60.00 and gave the stock a neutral rating in a research note on Wednesday, August 7th. Sanford C. Bernstein upped their price objective on shares of Reddit from $45.00 to $50.00 and gave the company an underperform rating in a research note on Monday, July 22nd. Finally, JPMorgan Chase & Co. dropped their target price on shares of Reddit from $67.00 to $59.00 and set a neutral rating on the stock 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 given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $66.12.

Reddit Stock Up 2.5 %

Shares of RDDT stock opened at $66.17 on Thursday. The company’s 50-day moving average price is $59.47. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $78.08.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The business had revenue of $281.20 million for the quarter, compared to the consensus estimate of $253.86 million. During the same quarter last year, the business posted ($0.70) EPS. The business’s revenue for the quarter was up 53.6% on a year-over-year basis. As a group, sell-side analysts predict that Reddit will post -4.17 EPS for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of Reddit stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93. Following the completion of the sale, the insider now directly owns 194,473 shares in the company, valued at $10,499,597.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Andrew Vollero sold 11,287 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total transaction of $722,368.00. Following the transaction, the chief financial officer now owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Benjamin Seong Lee sold 45,807 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93. Following the completion of the transaction, the insider now directly owns 194,473 shares in the company, valued at $10,499,597.27. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 262,993 shares of company stock valued at $14,618,959.

Hedge Funds Weigh In On Reddit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Inclusive Capital Partners L.P. acquired a new stake in shares of Reddit in the first quarter valued at about $103,051,000. Vanguard Group Inc. acquired a new stake in Reddit in the 1st quarter valued at approximately $82,167,000. Price T Rowe Associates Inc. MD acquired a new stake in Reddit in the 1st quarter valued at approximately $37,015,000. Blackstone Inc. bought a new position in Reddit in the 1st quarter worth approximately $36,990,000. Finally, Marshall Wace LLP lifted its holdings in shares of Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after buying an additional 457,588 shares during the last quarter.

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.