Reddit, Inc. (NYSE:RDDT – Get Free Report) saw an uptick in trading volume on Monday . 3,137,521 shares changed hands during mid-day trading, a decline of 49% from the previous session’s volume of 6,131,068 shares.The stock last traded at 59.25 and had previously closed at 53.53.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on RDDT shares. Deutsche Bank Aktiengesellschaft assumed coverage on Reddit in a research note on Tuesday, April 16th. They issued a “buy” rating and a $50.00 price target for the company. Roth Mkm boosted their price target on shares of Reddit from $50.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Robert W. Baird boosted their target price on shares of Reddit from $50.00 to $59.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. The Goldman Sachs Group lifted their price target on Reddit from $40.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Raymond James started coverage on Reddit in a report on Monday, April 15th. They issued a “strong-buy” rating and a $50.00 target price for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of 54.87.
Reddit Stock Performance
Reddit (NYSE:RDDT – Get Free Report) last posted its earnings results 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 business had revenue of 243.00 million during the quarter, compared to the consensus estimate of 213.99 million. During the same period in the prior year, the company posted ($1.05) EPS. The firm’s revenue for the quarter was up 48.4% compared to the same quarter last year. Equities research analysts forecast that Reddit, Inc. will post -5.01 EPS for the current year.
Insider Activity
In related news, CEO Steve Ladd Huffman sold 500,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 16,150,000.00. Following the completion of the transaction, the chief executive officer now owns 710,306 shares in the company, valued at approximately 22,942,883.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Reddit news, CEO Steve Ladd Huffman sold 500,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 16,150,000.00. Following the sale, the chief executive officer now owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 325,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 10,497,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,736,813 shares of the company’s stock, valued at approximately 56,099,059.90. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,084,798 shares of company stock worth $35,038,975.
Institutional Investors Weigh In On Reddit
A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. acquired a new stake in Reddit during the 1st quarter valued at approximately $82,167,000. ANTIPODES PARTNERS Ltd acquired a new position in Reddit during the first quarter valued at $63,000. SG Americas Securities LLC acquired a new position in Reddit during the first quarter valued at $265,000. BNP Paribas Financial Markets purchased a new stake in Reddit in the first quarter valued at $37,000. Finally, Commonwealth Equity Services LLC acquired a new stake in Reddit during the 1st quarter worth about $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.