Reddit, Inc. (NYSE:RDDT – Get Free Report)’s share price rose 3.2% during trading on Tuesday . The stock traded as high as $60.23 and last traded at $60.12. Approximately 1,901,704 shares changed hands during trading, a decline of 58% from the average daily volume of 4,480,829 shares. The stock had previously closed at $58.26.
Analyst Upgrades and Downgrades
A number of brokerages have recently weighed in on RDDT. Roth Mkm reduced their price target on shares of Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Morgan Stanley boosted their target price on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Sanford C. Bernstein increased their price target on Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a research note on Monday, July 22nd. Bank of America boosted their price objective on Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. decreased their target price on Reddit from $67.00 to $59.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus target price of $65.56.
Reddit Trading Up 1.3 %
The company’s fifty day moving average is $62.05.
Reddit (NYSE:RDDT – Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. The company’s revenue for the quarter was up 53.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.70) earnings per share. Equities research analysts forecast that Reddit, Inc. will post -4.17 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, CAO Michelle Marie Reynolds sold 12,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total transaction of $648,000.00. Following the completion of the sale, the chief accounting officer now directly owns 71,162 shares in the company, valued at $3,842,748. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total value of $648,000.00. Following the transaction, the chief accounting officer now directly owns 71,162 shares of the company’s stock, valued at $3,842,748. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benjamin Seong Lee sold 18,519 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $56.32, for a total value of $1,042,990.08. Following the sale, the insider now owns 175,954 shares of the company’s stock, valued at $9,909,729.28. The disclosure for this sale can be found here. In the last ninety days, insiders sold 189,659 shares of company stock worth $10,213,519.
Institutional Investors Weigh In On Reddit
Several large investors have recently made changes to their positions in the company. Inclusive Capital Partners L.P. acquired a new stake in Reddit in the first quarter valued at approximately $103,051,000. Vanguard Group Inc. acquired a new stake in shares of Reddit in the 1st quarter valued at $82,167,000. Price T Rowe Associates Inc. MD bought a new stake in Reddit in the first quarter worth $37,015,000. Blackstone Inc. acquired a new position in Reddit during the first quarter worth $36,990,000. Finally, Marshall Wace LLP raised its holdings in Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after buying an additional 457,588 shares in the last quarter.
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.