B. Riley Begins Coverage on Reddit (NYSE:RDDT)

B. Riley initiated coverage on shares of Reddit (NYSE:RDDT) in a research report sent to investors on Friday, MarketBeat reports. The firm issued a buy rating and a $75.00 price target on the stock.

A number of other equities analysts have also weighed in on RDDT. Bank of America upped their target price on Reddit from $57.00 to $60.00 and gave the stock a neutral rating in a research report on Wednesday, August 7th. Loop Capital raised shares of Reddit from a hold rating to a buy rating and set a $75.00 price objective on the stock in a research note on Thursday, August 1st. Morgan Stanley lifted their price objective on shares of Reddit from $63.00 to $70.00 and gave the company an equal weight rating in a report on Tuesday, July 23rd. Piper Sandler upped their target price on shares of Reddit from $65.00 to $70.00 and gave the stock an overweight rating in a report on Wednesday, August 7th. Finally, JMP Securities reiterated a market outperform rating and set a $84.00 price target on shares of Reddit in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Reddit currently has a consensus rating of Moderate Buy and a consensus target price of $66.12.

Reddit Stock Up 2.5 %

NYSE:RDDT opened at $66.17 on Friday. Reddit has a 12 month low of $37.35 and a 12 month high of $78.08. The business has a fifty day 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 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 quarter in the prior year, the business earned ($0.70) earnings per share. The business’s quarterly revenue was up 53.6% on a year-over-year basis. As a group, research analysts anticipate that Reddit will post -4.17 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Andrew Vollero sold 11,287 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Reddit news, CFO Andrew Vollero sold 11,287 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the completion of the transaction, the chief financial officer now owns 840,379 shares in the company, valued at approximately $53,784,256. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $59.19, for a total value of $828,660.00. Following the sale, the chief executive officer now owns 651,775 shares in the company, valued at $38,578,562.25. The disclosure for this sale can be found here. Insiders sold 262,993 shares of company stock valued at $14,618,959 over the last ninety days.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets purchased a new position in shares of Reddit during the 1st quarter valued at $37,000. ANTIPODES PARTNERS Ltd bought a new stake in Reddit during the first quarter valued at $63,000. SOA Wealth Advisors LLC. purchased a new position in Reddit during the second quarter worth about $78,000. Sandia Investment Management LP bought a new position in Reddit in the 1st quarter worth about $79,000. Finally, UMB Bank n.a. purchased a new stake in shares of Reddit in 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.