B. Riley Reiterates Buy Rating for Reddit (NYSE:RDDT)

B. Riley reaffirmed their buy rating on shares of Reddit (NYSE:RDDT - Free Report) in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a $112.00 price objective on the stock, up from their prior price objective of $87.00.

A number of other brokerages have also recently weighed in on RDDT. Raymond James increased their target price on shares of Reddit from $70.00 to $80.00 and gave the stock a "strong-buy" rating in a report on Thursday, October 10th. Morgan Stanley increased their price objective on shares of Reddit from $63.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 23rd. Jefferies Financial Group lifted their target price on Reddit from $90.00 to $100.00 and gave the company a "buy" rating in a research note on Tuesday, October 22nd. Piper Sandler reaffirmed an "overweight" rating and set a $115.00 target price (up from $70.00) on shares of Reddit in a report on Wednesday. Finally, Loop Capital raised their price target on Reddit from $80.00 to $90.00 and gave the stock a "buy" rating in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $89.72.

Reddit Stock Performance

Shares of Reddit stock traded up $34.29 on Wednesday, hitting $116.03. 37,730,077 shares of the company's stock traded hands, compared to its average volume of 4,673,188. The firm's 50-day moving average is $67.80 and its 200 day moving average is $61.21. Reddit has a 52-week low of $37.35 and a 52-week high of $118.25.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit's quarterly revenue was up 67.9% on a year-over-year basis. On average, analysts expect that Reddit will post -4.05 EPS for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the completion of the transaction, the insider now directly owns 194,473 shares of the company's stock, valued at approximately $10,499,597.27. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CTO Christopher Brian Slowe sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the sale, the chief technology officer now directly owns 30,068 shares in the company, valued at $2,329,668.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Benjamin Seong Lee sold 45,807 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the sale, the insider now directly owns 194,473 shares of the company's stock, valued at approximately $10,499,597.27. This represents 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 quarter.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Commonwealth Equity Services LLC acquired a new position in shares of Reddit in the 1st quarter worth $1,111,000. BNP Paribas Financial Markets acquired a new position in shares of Reddit in the 1st quarter valued at $37,000. SG Americas Securities LLC purchased a new position in Reddit in the 1st quarter worth about $265,000. ANTIPODES PARTNERS Ltd acquired a new stake in Reddit during the 1st quarter worth about $63,000. Finally, Vanguard Group Inc. purchased a new stake in Reddit during the first quarter valued at about $82,167,000.

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.