Reddit (NYSE:RDDT) Trading Up 7.1% on Analyst Upgrade

Reddit, Inc. (NYSE:RDDT - Get Free Report)'s share price rose 7.1% on Friday after The Goldman Sachs Group raised their price target on the stock from $40.00 to $55.00. The Goldman Sachs Group currently has a neutral rating on the stock. Reddit traded as high as 53.98 and last traded at 53.66. Approximately 2,154,922 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 6,174,708 shares. The stock had previously closed at 50.11.

A number of other analysts have also recently commented on RDDT. Piper Sandler lifted their price target on Reddit from $50.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday. Bank of America initiated coverage on shares of Reddit in a report on Tuesday, April 16th. They issued a "neutral" rating and a $46.00 price target on the stock. JMP Securities lifted their price objective on shares of Reddit from $53.00 to $63.00 and gave the company a "market outperform" rating in a research note on Wednesday. Robert W. Baird increased their price objective on shares of Reddit from $50.00 to $59.00 and gave the stock a "neutral" rating in a research note on Wednesday. Finally, Needham & Company LLC boosted their target price on shares of Reddit from $55.00 to $63.00 and gave the company a "buy" rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Reddit currently has an average rating of "Moderate Buy" and an average target price of 54.87.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 5,975,500.00. Following the completion of the transaction, the chief technology officer now directly owns 413,684 shares of the company's stock, valued at approximately 13,361,993.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director David C. Habiger acquired 3,000 shares of the stock in a transaction on Monday, March 25th. The shares were bought at an average price of 34.00 per share, with a total value of 102,000.00. Following the completion of the purchase, the director now owns 24,906 shares of the company's stock, valued at approximately 846,804. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Christopher Brian Slowe sold 185,000 shares of the firm's stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the sale, the chief technology officer now owns 413,684 shares of the company's stock, valued at 13,361,993.20. The disclosure for this sale can be found here. Insiders sold a total of 1,084,798 shares of company stock worth $35,038,975 in the last 90 days.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. purchased a new stake in shares of Reddit in the 1st quarter valued at $82,167,000. Raymond James Financial Services Advisors Inc. purchased a new stake in Reddit during the first quarter worth about $2,057,000. Commonwealth Equity Services LLC acquired a new stake in shares of Reddit during the first quarter worth about $1,111,000. Seven Grand Managers LLC purchased a new position in shares of Reddit in the first quarter valued at approximately $986,000. Finally, Congress Park Capital LLC acquired a new position in shares of Reddit in the first quarter valued at approximately $279,000.

Reddit Trading Up 6.8 %

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of -2.34 by -5.85. The company had revenue of 243.00 million during the quarter, compared to analysts' expectations of 213.99 million. During the same period in the previous year, the business posted ($1.05) EPS. The company's revenue for the quarter was up 48.4% compared to the same quarter last year. Equities analysts anticipate that Reddit, Inc. will post -7.09 earnings per share for the current year.

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.