Reddit (NYSE:RDDT) Stock Price Up 3.1%

Shares of Reddit, Inc. (NYSE:RDDT) shot up 3.1% during trading on Wednesday . The company traded as high as $63.88 and last traded at $63.80. 219,634 shares traded hands during trading, a decline of 95% from the average session volume of 4,361,535 shares. The stock had previously closed at $61.89.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RDDT. Sanford C. Bernstein increased their price target on shares of Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a research note on Monday, July 22nd. Cannonball Research assumed coverage on Reddit in a research report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and set a $75.00 target price on shares of Reddit in a research note on Wednesday. Roth Mkm cut their price objective on Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Finally, Raymond James lifted their price target on shares of Reddit from $65.00 to $70.00 and gave the company a “strong-buy” rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $65.56.

Reddit Stock Up 1.4 %

The stock has a fifty day moving average price of $59.86.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to analyst estimates of $253.86 million. During the same period last year, the business earned ($0.70) EPS. The firm’s revenue was up 53.6% compared to the same quarter last year. On average, analysts forecast that Reddit, Inc. will post -4.17 earnings per share for the current year.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 6,714 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $59.84, for a total transaction of $401,765.76. Following the completion of the transaction, the chief executive officer now directly owns 658,352 shares of the company’s stock, valued at approximately $39,395,783.68. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Steve Ladd Huffman sold 6,714 shares of Reddit stock in a transaction dated 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 owns 658,352 shares in the company, valued at $39,395,783.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benjamin Seong Lee sold 45,807 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93. Following the completion of the sale, the insider now directly owns 194,473 shares of the company’s stock, valued at $10,499,597.27. The disclosure for this sale can be found here. In the last three months, insiders have sold 204,373 shares of company stock worth $11,095,284.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of RDDT. Truist Financial Corp acquired a new stake in shares of Reddit during the second quarter worth $266,000. Scientech Research LLC raised its position in Reddit by 120.0% during the 2nd quarter. Scientech Research LLC now owns 19,432 shares of the company’s stock worth $1,242,000 after buying an additional 10,601 shares during the last quarter. Maverick Capital Ltd. lifted its stake in shares of Reddit by 147.4% in the 2nd quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock worth $47,416,000 after acquiring an additional 442,145 shares during the period. Alight Capital Management LP purchased a new stake in shares of Reddit in the second quarter valued at about $3,194,000. Finally, Marshall Wace LLP increased its stake in shares of Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after acquiring 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.