Reddit (NYSE:RDDT) Upgraded to Strong-Buy by B. Riley

B. Riley upgraded shares of Reddit (NYSE:RDDT) to a strong-buy rating in a report issued on Thursday, Zacks.com reports.

Several other research analysts have also issued reports on RDDT. Morgan Stanley increased their price target on shares of Reddit from $63.00 to $70.00 and gave the stock an equal weight rating in a research note on Tuesday, July 23rd. Raymond James raised their target price on shares of Reddit from $65.00 to $70.00 and gave the company a strong-buy rating in a research note on Wednesday, July 31st. Loop Capital raised Reddit from a hold rating to a buy rating and set a $75.00 price target on the stock in a research report on Thursday, August 1st. JPMorgan Chase & Co. reduced their price objective on Reddit from $67.00 to $59.00 and set a neutral rating for the company in a research report on Wednesday, August 7th. Finally, Needham & Company LLC reissued a buy rating and issued a $75.00 target price on shares of Reddit in a report on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit presently has a consensus rating of Moderate Buy and a consensus price target of $66.12.

Reddit Trading Up 2.5 %

Reddit stock opened at $66.17 on Thursday. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $78.08. The firm’s 50 day moving average price is $59.47.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to the consensus estimate of $253.86 million. The company’s revenue for the quarter was up 53.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.70) earnings per share. As a group, analysts forecast that Reddit will post -4.17 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Mary Porter Gale sold 30,000 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the transaction, the director now owns 71,459 shares in the company, valued at $3,738,020.29. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value of $2,473,119.93. Following the transaction, the insider now owns 194,473 shares of the company’s stock, valued at $10,499,597.27. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Mary Porter Gale sold 30,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $52.31, for a total value of $1,569,300.00. Following the completion of the transaction, the director now directly owns 71,459 shares in the company, valued at $3,738,020.29. The disclosure for this sale can be found here. In the last 90 days, insiders sold 262,993 shares of company stock valued at $14,618,959.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently made changes to their positions in RDDT. BNP Paribas Financial Markets purchased a new stake in shares of Reddit in the 1st quarter worth $37,000. ANTIPODES PARTNERS Ltd bought a new stake in Reddit during the first quarter valued at about $63,000. SOA Wealth Advisors LLC. purchased a new stake in Reddit in the second quarter worth about $78,000. Sandia Investment Management LP bought a new position in shares of Reddit in the first quarter worth about $79,000. Finally, UMB Bank n.a. purchased a new position in shares of Reddit during the 2nd quarter valued at about $88,000.

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.