Reddit (NYSE:RDDT) Upgraded to Buy at Loop Capital

Loop Capital upgraded shares of Reddit (NYSE:RDDT) from a hold rating to a buy rating in a research note published on Thursday, MarketBeat reports. They currently have $75.00 price target on the stock.

RDDT has been the topic of several other reports. Needham & Company LLC raised their price objective on Reddit from $63.00 to $75.00 and gave the stock a buy rating in a report on Tuesday, June 18th. Roth Capital restated a buy rating on shares of Reddit in a research note on Monday, April 15th. Piper Sandler upped their price objective on shares of Reddit from $50.00 to $65.00 and gave the stock an overweight rating in a research note on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Reddit from $62.00 to $65.00 and gave the company a buy rating in a research report on Friday, May 17th. Finally, Roth Mkm upped their price target on shares of Reddit from $61.00 to $67.00 and gave the stock a buy rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of 64.80.

Reddit Stock Down 3.0 %

NYSE:RDDT opened at 57.58 on Thursday. Reddit has a twelve month low of 37.35 and a twelve month high of 78.08. The stock’s fifty day simple moving average is 63.35.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 earnings per share for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The company had revenue of 243.00 million for the quarter, compared to the consensus estimate of 213.99 million. Reddit’s quarterly revenue was up 48.4% compared to the same quarter last year. During the same period last year, the firm earned ($1.05) EPS. On average, sell-side analysts anticipate that Reddit will post -4.68 earnings per share for the current year.

Insider Activity at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 6,618 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total transaction of 390,064.92. Following the transaction, the chief accounting officer now owns 89,795 shares in the company, valued at approximately 5,292,517.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Michelle Marie Reynolds sold 6,618 shares of the stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 390,064.92. Following the transaction, the chief accounting officer now directly owns 89,795 shares of the company’s stock, valued at 5,292,517.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benjamin Seong Lee sold 20,034 shares of Reddit stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 1,180,803.96. Following the sale, the insider now directly owns 259,312 shares of the company’s stock, valued at approximately 15,283,849.28. The disclosure for this sale can be found here. Insiders sold 192,689 shares of company stock valued at $11,357,090 in the last three months.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently made changes to their positions in RDDT. Congress Park Capital LLC acquired a new position in Reddit during the first quarter valued at $279,000. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Reddit in the first quarter worth about $2,057,000. Seven Grand Managers LLC acquired a new stake in Reddit during the first quarter worth about $986,000. Global Retirement Partners LLC purchased a new position in Reddit during the first quarter valued at approximately $27,000. Finally, Commonwealth Equity Services LLC acquired a new position in Reddit in the first quarter valued at approximately $1,111,000.

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.