Reddit (NYSE:RDDT) Rating Increased to Buy at Loop Capital

Reddit (NYSE:RDDT) was upgraded by analysts at Loop Capital from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage currently has a $75.00 price objective on the stock.

Several other research firms also recently weighed in on RDDT. JPMorgan Chase & Co. lifted their target price on shares of Reddit from $57.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, July 16th. Raymond James lifted their target price on shares of Reddit from $65.00 to $70.00 and gave the company a “strong-buy” rating in a report on Wednesday. Sanford C. Bernstein boosted their price target on shares of Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Monday, July 22nd. JMP Securities restated a “market outperform” rating and issued a $84.00 price target on shares of Reddit in a research note on Tuesday. Finally, The Goldman Sachs Group boosted their price target on shares of Reddit from $40.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and an average target price of 64.80.

Reddit Stock Performance

RDDT stock opened at 60.85 on Thursday. The firm’s 50 day moving average price is 63.19. Reddit has a one year low of 37.35 and a one year high of 78.08.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing the consensus estimate of -2.34 by -5.85. The firm had revenue of 243.00 million for the quarter, compared to analysts’ expectations of 213.99 million. The business’s revenue for the quarter was up 48.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.05) earnings per share. Analysts forecast that Reddit will post -4.59 earnings per share for the current year.

Insider Activity

In other news, insider Benjamin Seong Lee sold 20,034 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 1,180,803.96. Following the completion of the sale, the insider now directly owns 259,312 shares of the company’s stock, valued at 15,283,849.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CTO Christopher Brian Slowe sold 33,019 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 1,946,139.86. Following the completion of the sale, the chief technology officer now directly owns 380,665 shares of the company’s stock, valued at 22,436,395.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Benjamin Seong Lee sold 20,034 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total transaction of 1,180,803.96. Following the completion of the sale, the insider now directly owns 259,312 shares of the company’s stock, valued at 15,283,849.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 192,689 shares of company stock valued at $11,357,090.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RDDT. Congress Park Capital LLC acquired a new position in shares of Reddit during the first quarter worth about $279,000. Raymond James Financial Services Advisors Inc. acquired a new position in Reddit during the first quarter worth about $2,057,000. Seven Grand Managers LLC acquired a new position in Reddit during the first quarter worth about $986,000. Global Retirement Partners LLC acquired a new position in Reddit during the first quarter worth about $27,000. Finally, Commonwealth Equity Services LLC acquired a new position in Reddit during the first quarter worth about $1,111,000.

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.