Reddit (NYSE:RDDT) Upgraded to “Buy” by Loop Capital

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

Several other equities analysts have also recently issued reports on the company. Bank of America began coverage on Reddit in a report on Tuesday, April 16th. They issued a neutral rating and a $46.00 price objective for the company. Needham & Company LLC boosted their price objective on Reddit from $63.00 to $75.00 and gave the company a buy rating in a report on Tuesday, June 18th. Raymond James boosted their price objective on Reddit from $65.00 to $70.00 and gave the company a strong-buy rating in a report on Wednesday. Roth Mkm boosted their price objective on Reddit from $61.00 to $67.00 and gave the company a buy rating in a report on Friday, July 26th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Reddit from $62.00 to $65.00 and gave the company a buy rating in a report on Friday, May 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Reddit presently has a consensus rating of Moderate Buy and an average target price of 64.80.

Reddit Price Performance

Shares of Reddit stock traded down 4.29 during trading on Thursday, reaching 55.09. The company’s stock had a trading volume of 1,665,318 shares, compared to its average volume of 4,388,391. Reddit has a 1-year low of 37.35 and a 1-year high of 78.08. The company has a 50-day moving average price of 63.29.

Reddit (NYSE:RDDT) last posted 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 firm had revenue of 243.00 million during the quarter, compared to analysts’ expectations of 213.99 million. During the same period last year, the firm earned ($1.05) earnings per share. Reddit’s quarterly revenue was up 48.4% on a year-over-year basis. On average, equities research analysts anticipate that Reddit will post -4.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Andrew Vollero sold 50,580 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,981,185.20. Following the completion of the sale, the chief financial officer now directly owns 631,080 shares in the company, valued at 37,195,855.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Andrew Vollero sold 50,580 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,981,185.20. Following the completion of the sale, the chief financial officer now directly owns 631,080 shares in the company, valued at 37,195,855.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 42,299 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 value of 2,493,103.06. Following the completion of the sale, the chief executive officer now owns 689,157 shares of the company’s stock, valued at 40,618,913.58. The disclosure for this sale can be found here. In the last three months, insiders sold 192,689 shares of company stock worth $11,357,090.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RDDT. Congress Park Capital LLC acquired a new position in Reddit in the first quarter valued at approximately $279,000. Raymond James Financial Services Advisors Inc. acquired a new position in Reddit during the first quarter worth $2,057,000. Seven Grand Managers LLC acquired a new position in Reddit during the first quarter worth $986,000. Global Retirement Partners LLC acquired a new position in Reddit during the first quarter worth $27,000. Finally, Commonwealth Equity Services LLC acquired a new position in Reddit during the first quarter worth $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.