Reddit (NYSE:RDDT) Trading 7.1% Higher Following Analyst Upgrade

Reddit, Inc. (NYSE:RDDT - Get Free Report) shares rose 7.1% during mid-day trading on Tuesday after JMP Securities raised their price target on the stock from $160.00 to $190.00. JMP Securities currently has a market outperform rating on the stock. Reddit traded as high as $190.08 and last traded at $193.72. Approximately 983,319 shares changed hands during trading, a decline of 78% from the average daily volume of 4,569,829 shares. The stock had previously closed at $180.83.

Other equities analysts have also issued reports about the company. Needham & Company LLC upped their target price on Reddit from $120.00 to $190.00 and gave the company a "buy" rating in a report on Wednesday, December 11th. Raymond James upped their price objective on Reddit from $150.00 to $200.00 and gave the company a "strong-buy" rating in a research note on Tuesday, January 21st. Loop Capital lifted their target price on Reddit from $120.00 to $180.00 and gave the stock a "buy" rating in a research note on Monday, December 2nd. Roth Mkm lowered shares of Reddit from a "buy" rating to a "neutral" rating and increased their price target for the company from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Finally, Morgan Stanley upgraded shares of Reddit from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $70.00 to $200.00 in a report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $159.70.

Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction on Friday, November 15th. The shares were sold at an average price of $125.98, for a total value 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. The trade was a 2.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of the firm's stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total value of $920,750.00. Following the sale, the chief technology officer now owns 35,252 shares in the company, valued at $6,491,655.80. The trade was a 12.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 245,357 shares of company stock valued at $38,293,668 in the last 90 days.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently bought and sold shares of the company. Hsbc Holdings PLC bought a new stake in shares of Reddit in the 2nd quarter valued at about $203,000. Truist Financial Corp purchased a new stake in shares of Reddit during the second quarter valued at approximately $266,000. SG Americas Securities LLC bought a new position in shares of Reddit in the third quarter worth approximately $612,000. StoneCrest Wealth Management Inc. raised its holdings in Reddit by 2.6% during the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company's stock valued at $451,000 after buying an additional 176 shares during the last quarter. Finally, Greenhouse Wealth Management LLC bought a new stake in Reddit in the 3rd quarter worth $258,000.

Reddit Stock Performance

The firm's 50 day moving average price is $167.69 and its 200 day moving average price is $107.63.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates 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 had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company's quarterly revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts predict that Reddit, Inc. will post -3.45 EPS for the current year.

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.