Reddit (NYSE:RDDT) Stock Rating Upgraded by Seaport Res Ptn

Reddit (NYSE:RDDT) was upgraded by investment analysts at Seaport Res Ptn to a “hold” rating in a research note issued to investors on Thursday,Zacks.com reports.

Other analysts have also recently issued reports about the company. Robert W. Baird boosted their price target on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. The Goldman Sachs Group boosted their target price on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Roth Mkm cut shares of Reddit from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Loop Capital raised their target price on Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Finally, Raymond James upped their price target on Reddit from $150.00 to $200.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $159.70.

Reddit Stock Performance

Shares of RDDT stock opened at $216.91 on Thursday. Reddit has a twelve month low of $37.35 and a twelve month high of $222.44. The stock’s fifty day simple moving average is $173.19 and its 200 day simple moving average is $111.88.

Insider Buying and Selling

In other news, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the transaction, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at $197,635,015.41. This represents a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $125.98, for a total value of $1,763,720.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares in the company, valued at approximately $82,110,614.50. This represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 259,357 shares of company stock valued at $41,121,108 over the last ninety days.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Truist Financial Corp bought a new stake in shares of Reddit during the second quarter worth about $266,000. SG Americas Securities LLC acquired a new position in Reddit during the 3rd quarter valued at about $612,000. LifePro Asset Management acquired a new position in Reddit during the 3rd quarter valued at about $2,389,000. Beaumont Financial Advisors LLC bought a new stake in Reddit during the 3rd quarter worth approximately $388,000. Finally, Paragon Capital Management Ltd purchased a new stake in shares of Reddit in the third quarter worth approximately $204,000.

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.