Reddit (NYSE:RDDT) Stock Price Up 4.7% After Analyst Upgrade

Shares of Reddit, Inc. (NYSE:RDDT - Get Free Report) rose 4.7% on Monday after Citigroup raised their price target on the stock from $150.00 to $158.00. Citigroup currently has a buy rating on the stock. Reddit traded as high as $117.90 and last traded at $119.17. Approximately 6,322,637 shares changed hands during trading, an increase of 8% from the average daily volume of 5,829,597 shares. The stock had previously closed at $113.83.

Several other research analysts have also commented on RDDT. Truist Financial started coverage on shares of Reddit in a report on Monday, April 7th. They issued a "buy" rating and a $150.00 price target for the company. Raymond James reduced their price objective on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research report on Wednesday, March 12th. Redburn Partners set a $75.00 target price on Reddit in a research note on Monday, March 17th. Redburn Atlantic began coverage on shares of Reddit in a report on Monday, March 17th. They issued a "sell" rating and a $75.00 price objective on the stock. Finally, Sanford C. Bernstein raised shares of Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 target price for the company in a research note on Friday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $142.30.

Insider Activity

In other news, Director David C. Habiger bought 774 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average cost of $130.36 per share, with a total value of $100,898.64. Following the completion of the transaction, the director now directly owns 30,808 shares in the company, valued at approximately $4,016,130.88. The trade was a 2.58 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Christopher Brian Slowe sold 11,000 shares of the company's stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $99.75, for a total transaction of $1,097,250.00. Following the completion of the sale, the chief technology officer now owns 281,213 shares of the company's stock, valued at approximately $28,050,996.75. This trade represents a 3.76 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 711,270 shares of company stock worth $94,239,985.

Institutional Investors Weigh In On Reddit

Institutional investors have recently bought and sold shares of the business. Jennison Associates LLC acquired a new position in Reddit in the 4th quarter valued at approximately $494,861,000. Renaissance Capital LLC boosted its position in Reddit by 14.2% during the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock valued at $5,105,000 after purchasing an additional 3,892 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Reddit by 27.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock worth $105,003,000 after purchasing an additional 139,135 shares during the last quarter. Assetmark Inc. lifted its holdings in shares of Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company's stock valued at $7,539,000 after buying an additional 46,127 shares during the last quarter. Finally, Chung Wu Investment Group LLC bought a new stake in Reddit in the fourth quarter worth approximately $327,000.

Reddit Price Performance

The company has a market capitalization of $21.82 billion, a P/E ratio of -15.60, a price-to-earnings-growth ratio of 4.72 and a beta of 2.89. The company has a fifty day simple moving average of $116.82 and a two-hundred day simple moving average of $144.15.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.02 by $0.11. The company had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company's revenue for the quarter was up 61.5% on a year-over-year basis. During the same period in the previous year, the business posted ($8.19) EPS. Equities analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.