Reddit (NYSE:RDDT) Reaches New 12-Month High on Analyst Upgrade

Reddit, Inc. (NYSE:RDDT)’s stock price reached a new 52-week high on Thursday after JMP Securities raised their price target on the stock from $84.00 to $118.00. JMP Securities currently has a market outperform rating on the stock. Reddit traded as high as $119.17 and last traded at $116.38, with a volume of 629567 shares changing hands. The stock had previously closed at $116.05.

RDDT has been the topic of several other research reports. Roth Mkm upped their price objective on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday. Jefferies Financial Group lifted their price objective on Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Morgan Stanley upped their target price on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Needham & Company LLC lifted their price target on Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. increased their price objective on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $89.72.

Insider Activity at Reddit

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00. Following the transaction, the chief technology officer now owns 30,068 shares in the company, valued at approximately $2,329,668.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Reddit news, Director Mary Porter Gale sold 30,000 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.31, for a total value of $1,569,300.00. Following the sale, the director now owns 71,459 shares of the company’s stock, valued at $3,738,020.29. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the transaction, the chief technology officer now directly owns 30,068 shares of the company’s stock, valued at $2,329,668.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 390,327 shares of company stock worth $23,503,224 in the last ninety days.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. StoneCrest Wealth Management Inc. boosted its position in Reddit by 2.6% in the third 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 in the last quarter. Whittier Trust Co. bought a new position in Reddit in the 3rd quarter valued at $42,000. BNP Paribas Financial Markets bought a new position in Reddit in the 1st quarter valued at $37,000. Vestor Capital LLC grew its holdings in shares of Reddit by 1.1% during the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after purchasing an additional 922 shares during the last quarter. Finally, SOA Wealth Advisors LLC. bought a new stake in shares of Reddit during the second quarter worth $78,000.

Reddit Stock Performance

The firm has a fifty day moving average price of $70.13 and a 200 day moving average price of $62.12.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The company’s revenue for the quarter was up 67.9% compared to the same quarter last year. On average, research analysts expect that Reddit, Inc. will post -4.05 EPS for the current fiscal year.

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.