Reddit (NYSE:RDDT) Coverage Initiated at B. Riley

B. Riley started coverage on shares of Reddit (NYSE:RDDT) in a research note published on Friday, MarketBeat.com reports. The brokerage issued a buy rating and a $75.00 price target on the stock.

A number of other equities research analysts have also recently issued reports on the stock. Morgan Stanley upped their price objective on shares of Reddit from $63.00 to $70.00 and gave the company an equal weight rating in a research note on Tuesday, July 23rd. Bank of America upped their price target on shares of Reddit from $57.00 to $60.00 and gave the company a neutral rating in a research report on Wednesday, August 7th. Roth Mkm decreased their price objective on Reddit from $67.00 to $66.00 and set a buy rating on the stock in a report on Wednesday, August 7th. JMP Securities restated a market outperform rating and set a $84.00 price target on shares of Reddit in a research report on Tuesday, July 30th. Finally, Cannonball Research initiated coverage on Reddit in a research note on Tuesday, August 6th. They issued a buy rating and a $67.00 price target on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Reddit has an average rating of Moderate Buy and a consensus price target of $66.12.

Reddit Trading Up 2.5 %

RDDT opened at $66.17 on Friday. The company has a fifty day moving average price of $59.47. Reddit has a 52 week low of $37.35 and a 52 week high of $78.08.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates 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 business’s quarterly revenue was up 53.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.70) earnings per share. As a group, sell-side analysts anticipate that Reddit will post -4.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 6,714 shares of Reddit stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $59.84, for a total transaction of $401,765.76. Following the sale, the chief executive officer now directly owns 658,352 shares in the company, valued at $39,395,783.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Steve Ladd Huffman sold 6,714 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $59.84, for a total value of $401,765.76. Following the completion of the transaction, the chief executive officer now directly owns 658,352 shares in the company, valued at approximately $39,395,783.68. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mary Porter Gale sold 30,000 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the sale, the director now directly owns 71,459 shares in the company, valued at approximately $3,738,020.29. The disclosure for this sale can be found here. Insiders sold 262,993 shares of company stock worth $14,618,959 over the last three months.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets purchased a new stake in shares of Reddit in the first quarter worth $37,000. ANTIPODES PARTNERS Ltd bought a new position in Reddit in the 1st quarter worth about $63,000. SOA Wealth Advisors LLC. purchased a new stake in Reddit during the 2nd quarter valued at about $78,000. Sandia Investment Management LP purchased a new stake in Reddit during the 1st quarter valued at about $79,000. Finally, UMB Bank n.a. bought a new stake in Reddit during the 2nd quarter valued at about $88,000.

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.