Reddit (NYSE:RDDT) Rating Increased to Hold at Seaport Res Ptn

Seaport Res Ptn upgraded shares of Reddit (NYSE:RDDT) to a hold rating in a research note released on Thursday morning,Zacks.com reports.

RDDT has been the subject of several other reports. Raymond James boosted their price target on Reddit from $150.00 to $200.00 and gave the company a “strong-buy” rating in a report on Tuesday, January 21st. Wells Fargo & Company started coverage on shares of Reddit in a research note on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective for the company. Bank of America raised their target price on shares of Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 8th. Morgan Stanley raised shares of Reddit from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $70.00 to $200.00 in a research report on Monday, December 9th. Finally, Robert W. Baird boosted their price objective on shares of Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and a consensus target price of $159.70.

Reddit Stock Performance

NYSE:RDDT opened at $216.91 on Thursday. Reddit has a 52 week low of $37.35 and a 52 week high of $222.44. The company has a fifty day simple moving average of $173.19 and a two-hundred day simple moving average of $111.88.

Insider Activity

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the sale, the chief operating officer now directly owns 1,504,297 shares in the company, valued at $261,642,377.21. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $125.98, for a total value of $1,763,720.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $82,110,614.50. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 259,357 shares of company stock worth $41,121,108 over the last 90 days.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently modified their holdings of RDDT. Ridgewood Investments LLC raised its position 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 period. Proficio Capital Partners LLC grew its holdings in shares of Reddit by 2.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock valued at $966,000 after buying an additional 120 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after buying an additional 150 shares in the last quarter. Foundations Investment Advisors LLC grew its holdings in shares of Reddit by 3.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock valued at $870,000 after buying an additional 155 shares in the last quarter. Finally, Plato Investment Management Ltd purchased a new position in shares of Reddit during the fourth quarter valued at $27,000.

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.