B. Riley Reaffirms “Buy” Rating for Reddit (NYSE:RDDT)

B. Riley restated their buy rating on shares of Reddit (NYSE:RDDT) in a report published on Wednesday, Benzinga reports. B. Riley currently has a $112.00 price target on the stock, up from their previous price target of $87.00.

Several other equities analysts also recently weighed in on the stock. Bank of America lifted their target price on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday. Loop Capital boosted their target price on shares of Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, October 25th. JPMorgan Chase & Co. raised their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. Needham & Company LLC boosted their price objective on Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Morgan Stanley raised their target price on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.72.

Reddit Price Performance

Shares of NYSE RDDT opened at $116.03 on Wednesday. The stock has a fifty day simple moving average of $67.80 and a two-hundred day simple moving average of $61.21. Reddit has a 1-year low of $37.35 and a 1-year high of $118.25.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The company’s revenue for the quarter was up 67.9% on a year-over-year basis. Equities research analysts expect that Reddit will post -4.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Mary Porter Gale sold 30,000 shares of the stock in a transaction on 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 transaction, the director now owns 71,459 shares of the company’s stock, valued at $3,738,020.29. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total transaction of $1,799,648.67. Following the transaction, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at approximately $83,277,253.43. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Mary Porter Gale sold 30,000 shares of the company’s stock in a transaction that occurred on 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 sale, the director now directly owns 71,459 shares of the company’s stock, valued at approximately $3,738,020.29. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 390,327 shares of company stock worth $23,503,224.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RDDT. VY Capital Management Co. Ltd. purchased a new stake in shares of Reddit in the 3rd quarter valued at $474,403,000. Inclusive Capital Partners L.P. purchased a new stake in Reddit during the first quarter valued at about $103,051,000. Vanguard Group Inc. purchased a new stake in Reddit during the first quarter valued at about $82,167,000. Bank of New York Mellon Corp grew its stake in shares of Reddit by 10.1% during the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after buying an additional 153,282 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of Reddit by 117.2% in the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after buying an additional 457,588 shares during the period.

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.