Reddit (NYSE:RDDT) Upgraded by Morgan Stanley to Overweight Rating

Morgan Stanley upgraded shares of Reddit (NYSE:RDDT - Free Report) from an equal weight rating to an overweight rating in a research report report published on Monday morning, Marketbeat.com reports. They currently have $200.00 price objective on the stock, up from their previous price objective of $70.00.

A number of other analysts also recently issued reports on RDDT. Roth Mkm lifted their price target on Reddit from $89.00 to $116.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Piper Sandler restated an "overweight" rating and issued a $150.00 target price (up previously from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. JPMorgan Chase & Co. boosted their target price on Reddit from $59.00 to $77.00 and gave the stock a "neutral" rating in a research report on Monday, October 7th. Citigroup boosted their target price on Reddit from $70.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Finally, Bank of America boosted their target price on Reddit from $84.00 to $99.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $110.39.

Reddit Stock Up 2.7 %

RDDT stock traded up $4.41 during mid-day trading on Monday, reaching $167.17. 16,624,059 shares of the company traded hands, compared to its average volume of 5,110,665. Reddit has a 52-week low of $37.35 and a 52-week high of $180.74. The company has a fifty day moving average price of $108.29 and a 200-day moving average price of $77.74.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.23. The firm 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 business's revenue for the quarter was up 67.9% on a year-over-year basis. On average, equities analysts predict that Reddit will post -3.54 EPS for the current fiscal year.

Insider Activity

In related news, insider Benjamin Seong Lee sold 18,519 shares of the company's stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total value of $2,704,885.14. Following the sale, the insider now directly owns 138,401 shares of the company's stock, valued at $20,214,850.06. This represents a 11.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Andrew Vollero sold 11,287 shares of the company's stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the completion of the sale, the chief financial officer now directly owns 840,379 shares in the company, valued at approximately $53,784,256. The trade was a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 325,644 shares of company stock valued at $31,195,790.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. StoneCrest Wealth Management Inc. boosted its holdings in Reddit by 2.6% in the third quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company's stock worth $451,000 after acquiring an additional 176 shares in the last quarter. Whittier Trust Co. bought a new stake in Reddit in the third quarter worth $42,000. SOA Wealth Advisors LLC. boosted its holdings in Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company's stock worth $126,000 after acquiring an additional 691 shares in the last quarter. MML Investors Services LLC boosted its holdings in Reddit by 12.0% in the third quarter. MML Investors Services LLC now owns 7,085 shares of the company's stock worth $467,000 after acquiring an additional 757 shares in the last quarter. Finally, Vestor Capital LLC boosted its holdings in Reddit by 1.1% in the third quarter. Vestor Capital LLC now owns 84,787 shares of the company's stock worth $5,589,000 after acquiring an additional 922 shares in the last quarter.

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.