Reddit (NYSE:RDDT) Raised to Strong-Buy at B. Riley

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

Several other research analysts also recently commented on the stock. Bank of America raised their price objective on shares of Reddit from $57.00 to $60.00 and gave the stock a neutral rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. decreased their price objective on Reddit from $67.00 to $59.00 and set a neutral rating on the stock in a research note on Wednesday, August 7th. Loop Capital raised Reddit from a hold rating to a buy rating and set a $75.00 price objective on the stock in a report on Thursday, August 1st. JMP Securities reaffirmed a market outperform rating and set a $84.00 target price on shares of Reddit in a report on Tuesday, July 30th. Finally, Raymond James increased their price target on shares of Reddit from $65.00 to $70.00 and gave the stock a strong-buy rating in a report on Wednesday, July 31st. One research 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 company. According to data from MarketBeat.com, Reddit currently has an average rating of Moderate Buy and an average target price of $66.12.

Reddit Stock Performance

Shares of 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 company’s fifty day moving average price is $59.47.

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

Insider Activity

In other Reddit news, CAO Michelle Marie Reynolds sold 12,000 shares of Reddit 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 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Mary Porter Gale sold 15,000 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the completion of the sale, the director now directly owns 101,459 shares in the company, valued at approximately $5,349,933.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Michelle Marie Reynolds sold 12,000 shares of Reddit stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total value of $648,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 71,162 shares in the company, valued at $3,842,748. The disclosure for this sale can be found here. In the last three months, insiders have sold 262,993 shares of company stock worth $14,618,959.

Institutional Trading of Reddit

A number of institutional investors have recently made changes to their positions in the stock. DekaBank Deutsche Girozentrale purchased a new stake in shares of Reddit during the first quarter worth about $7,363,000. Commonwealth Equity Services LLC bought a new position in Reddit during the 1st quarter valued at approximately $1,111,000. BNP Paribas Financial Markets purchased a new stake in Reddit in the 1st quarter worth approximately $37,000. Vanguard Group Inc. bought a new stake in shares of Reddit in the 1st quarter worth approximately $82,167,000. Finally, Bamco Inc. NY purchased a new position in shares of Reddit during the first quarter valued at approximately $14,796,000.

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.