Reddit (NYSE:RDDT) Shares Up 7.1% Following Analyst Upgrade

Shares of Reddit, Inc. (NYSE:RDDT) traded up 7.1% on Tuesday after JMP Securities raised their price target on the stock from $160.00 to $190.00. JMP Securities currently has a market outperform rating on the stock. Reddit traded as high as $190.08 and last traded at $193.72. 983,319 shares changed hands during trading, a decline of 78% from the average session volume of 4,569,829 shares. The stock had previously closed at $180.83.

Other equities analysts have also issued reports about the stock. Robert W. Baird increased their price objective on shares of Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. B. Riley increased their price target on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. JPMorgan Chase & Co. boosted their price objective on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. Citigroup lifted their price target on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, Jefferies Financial Group upped their price objective on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $159.70.

Insiders Place Their Bets

In related news, Director Mary Porter Gale sold 5,000 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the transaction, the director now directly owns 46,459 shares in the company, valued at approximately $5,314,909.60. The trade was a 9.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the completion of the sale, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at approximately $265,102,260.31. This trade represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 264,357 shares of company stock valued at $40,449,488.

Hedge Funds Weigh In On Reddit

Several institutional investors and hedge funds have recently bought and sold shares of the company. ARK Investment Management LLC raised its position in Reddit by 120.5% during the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after purchasing an additional 192,785 shares in the last quarter. Wellington Management Group LLP boosted its position in Reddit by 3,640.5% during the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after acquiring an additional 248,499 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Reddit by 903.8% in the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after buying an additional 453,894 shares during the period. Geode Capital Management LLC increased its position in Reddit by 176.0% during the 3rd quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock valued at $54,355,000 after buying an additional 525,619 shares in the last quarter. Finally, Mission Creek Capital Partners Inc. purchased a new position in Reddit in the third quarter worth about $7,490,000.

Reddit Price Performance

The firm has a 50-day moving average of $164.41 and a 200-day moving average of $105.48.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. On average, equities analysts anticipate that Reddit, Inc. will post -3.48 earnings per share 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.