Reddit (NYSE:RDDT) Trading 4.7% Higher Following Analyst Upgrade

Reddit, Inc. (NYSE:RDDT) shares were up 4.7% on Monday after Seaport Res Ptn upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $117.90 and last traded at $119.17. Approximately 6,322,637 shares traded hands during trading, an increase of 8% from the average daily volume of 5,829,597 shares. The stock had previously closed at $113.83.

Several other research analysts have also issued reports on RDDT. Roth Mkm increased their target price on shares of Reddit from $120.00 to $130.00 and gave the stock a “neutral” rating in a research note on Friday, May 2nd. JMP Securities restated a “market outperform” rating and issued a $180.00 target price on shares of Reddit in a report on Friday, May 2nd. Wells Fargo & Company lifted their price objective on shares of Reddit from $158.00 to $168.00 and gave the stock an “overweight” rating in a report on Friday, May 2nd. Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Finally, Redburn Atlantic assumed coverage on shares of Reddit in a research report on Monday, March 17th. They issued a “sell” rating and a $75.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $142.30.

Insider Activity

In other Reddit news, CAO Michelle Marie Reynolds sold 11,965 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the completion of the sale, the chief accounting officer now directly owns 48,418 shares in the company, valued at approximately $7,621,477.38. The trade was a 19.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 48,122 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the transaction, the chief financial officer now owns 599,295 shares in the company, valued at $97,565,226. The trade was a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 711,270 shares of company stock valued at $94,239,985 in the last quarter.

Institutional Investors Weigh In On Reddit

A number of institutional investors and hedge funds have recently made changes to their positions in RDDT. Plato Investment Management Ltd acquired a new stake in shares of Reddit during the fourth quarter worth about $27,000. CWM LLC lifted its position in shares of Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company’s stock worth $27,000 after buying an additional 128 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new stake in Reddit during the 4th quarter worth $28,000. Ridgewood Investments LLC grew its holdings in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. acquired a new position in Reddit during the fourth quarter worth approximately $33,000.

Reddit Stock Performance

The stock has a market cap of $19.88 billion, a PE ratio of -14.22, a P/E/G ratio of 4.72 and a beta of 2.89. The firm’s 50-day moving average is $114.79 and its 200 day moving average is $144.15.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.11. The company had revenue of $392.36 million for the quarter, compared to analysts’ expectations of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Reddit’s revenue was up 61.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($8.19) EPS. On average, sell-side analysts predict that Reddit, Inc. will post 1.12 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.