Reddit (NYSE:RDDT) Stock Price Up 4.5% on Analyst Upgrade

Reddit, Inc. (NYSE:RDDT)’s share price rose 4.5% during mid-day trading on Monday after Sanford C. Bernstein raised their price target on the stock from $45.00 to $50.00. Sanford C. Bernstein currently has an underperform rating on the stock. Reddit traded as high as 68.20 and last traded at 67.62. Approximately 716,918 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 4,585,250 shares. The stock had previously closed at 64.70.

Several other brokerages have also recently weighed in on RDDT. Citigroup upped their price target on Reddit from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Deutsche Bank Aktiengesellschaft upped their price target on Reddit from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Morgan Stanley initiated coverage on Reddit in a research report on Monday, April 15th. They set an “equal weight” rating and a $45.00 price target on the stock. Piper Sandler upped their price target on Reddit from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Finally, New Street Research initiated coverage on Reddit in a research report on Tuesday, March 26th. They set a “neutral” rating and a $54.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of 61.40.

Insiders Place Their Bets

In other news, CFO Andrew Vollero sold 50,580 shares of Reddit stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 2,981,185.20. Following the transaction, the chief financial officer now directly owns 631,080 shares of the company’s stock, valued at approximately 37,195,855.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Steve Ladd Huffman sold 42,299 shares of the business’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 2,493,103.06. Following the completion of the transaction, the chief executive officer now owns 689,157 shares in the company, valued at approximately 40,618,913.58. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Andrew Vollero sold 50,580 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 2,981,185.20. Following the transaction, the chief financial officer now owns 631,080 shares of the company’s stock, valued at approximately 37,195,855.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 192,689 shares of company stock valued at $11,357,090.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Global Retirement Partners LLC acquired a new stake in shares of Reddit in the first quarter worth approximately $27,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit in the 1st quarter valued at $37,000. SOA Wealth Advisors LLC. purchased a new stake in shares of Reddit in the 2nd quarter valued at $78,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Reddit in the 1st quarter valued at $63,000. Finally, Sandia Investment Management LP acquired a new position in Reddit during the 1st quarter worth $79,000.

Reddit Price Performance

The stock has a 50 day simple moving average of 62.65.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing the consensus estimate of -2.34 by -5.85. The firm had revenue of 243.00 million during the quarter, compared to analyst estimates of 213.99 million. The business’s quarterly revenue was up 48.4% on a year-over-year basis. During the same period in the prior year, the company posted ($1.05) earnings per share. As a group, research analysts anticipate that Reddit, Inc. will post -4.66 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.