Reddit (NYSE:RDDT) Upgraded at B. Riley

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

Several other brokerages also recently weighed in on RDDT. Cannonball Research started coverage on Reddit in a research report on Tuesday, August 6th. They issued a buy rating and a $67.00 target price for the company. JPMorgan Chase & Co. lowered their price objective on shares of Reddit from $67.00 to $59.00 and set a neutral rating for the company in a research report on Wednesday, August 7th. Bank of America boosted their target price on shares of Reddit from $57.00 to $60.00 and gave the stock a neutral rating in a research report on Wednesday, August 7th. Roth Mkm lowered their price target on shares of Reddit from $67.00 to $66.00 and set a buy rating for the company in a report on Wednesday, August 7th. Finally, Sanford C. Bernstein boosted their price objective on shares of Reddit from $45.00 to $50.00 and gave the stock an underperform rating in a report on Monday, July 22nd. One investment 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. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $66.12.

Reddit Stock Performance

NYSE RDDT opened at $66.17 on Thursday. Reddit has a one year low of $37.35 and a one year high of $78.08. The firm has a 50 day simple moving average of $59.47.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The business had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. During the same period in the prior year, the business posted ($0.70) EPS. The business’s revenue was up 53.6% on a year-over-year basis. Equities research analysts predict that Reddit will post -4.17 EPS for the current year.

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the transaction, the chief executive officer now directly owns 672,352 shares in the company, valued at approximately $36,293,560.96. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total transaction of $755,720.00. Following the sale, the chief executive officer now directly owns 672,352 shares in the company, valued at approximately $36,293,560.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 11,287 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total value of $722,368.00. Following the transaction, the chief financial officer now owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 262,993 shares of company stock valued at $14,618,959.

Hedge Funds Weigh In On Reddit

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