Reddit (NYSE:RDDT) Shares Gap Up After Analyst Upgrade

Reddit Inc. (NYSE:RDDT) gapped up before the market opened on Wednesday after Citigroup raised their price target on the stock from $158.00 to $163.00. The stock had previously closed at $140.79, but opened at $150.91. Citigroup currently has a buy rating on the stock. Reddit shares last traded at $147.56, with a volume of 3,196,531 shares trading hands.

RDDT has been the topic of a number of other reports. B. Riley reaffirmed a “buy” rating and issued a $220.00 target price (down from $222.00) on shares of Reddit in a research report on Friday, May 2nd. Oppenheimer initiated coverage on shares of Reddit in a report on Wednesday, April 16th. They issued an “outperform” rating and a $125.00 price objective on the stock. Roth Capital reiterated a “neutral” rating on shares of Reddit in a report on Friday, May 2nd. Wall Street Zen raised Reddit from a “hold” rating to a “buy” rating in a research report on Saturday, June 14th. Finally, Redburn Partners set a $75.00 price objective on Reddit in a research report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $139.57.

Insider Buying and Selling at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 16,000 shares of the business’s stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $136.47, for a total transaction of $2,183,520.00. Following the completion of the sale, the chief technology officer now directly owns 246,373 shares in the company, valued at approximately $33,622,523.31. The trade was a 6.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $103.28, for a total value of $1,445,920.00. Following the completion of the transaction, the chief executive officer now owns 577,013 shares in the company, valued at approximately $59,593,902.64. This trade represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 613,785 shares of company stock worth $68,398,890. Company insiders own 34.25% of the company’s stock.

Hedge Funds Weigh In On Reddit

Institutional investors have recently made changes to their positions in the business. Plato Investment Management Ltd purchased a new stake in Reddit during the fourth quarter valued at approximately $27,000. CWM LLC grew its position in shares of Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company’s stock valued at $27,000 after acquiring an additional 128 shares during the period. EverSource Wealth Advisors LLC bought a new stake in shares of Reddit during the 4th quarter valued at $28,000. Stone House Investment Management LLC purchased a new stake in shares of Reddit in the 1st quarter worth $31,000. Finally, Tucker Asset Management LLC bought a new position in Reddit in the 4th quarter worth $39,000.

Reddit Stock Performance

The company has a market capitalization of $26.56 billion, a P/E ratio of 243.96, a PEG ratio of 3.64 and a beta of 1.99. The stock has a fifty day moving average of $115.75 and a 200 day moving average of $142.04.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to analysts’ expectations of $370.55 million. Reddit had a return on equity of 5.69% and a net margin of 8.07%. During the same period in the previous year, the firm earned ($8.19) EPS. The business’s quarterly revenue was up 61.5% on a year-over-year basis. Research analysts anticipate 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.