Reddit, Inc. (NYSE:RDDT – Get Free Report) shares were up 3.4% on Tuesday . The company traded as high as 75.66 and last traded at 75.25. Approximately 187,396 shares were traded during trading, a decline of 96% from the average daily volume of 4,791,427 shares. The stock had previously closed at 72.81.
Analyst Ratings Changes
A number of analysts have commented on the stock. The Goldman Sachs Group increased their price target on shares of Reddit from $40.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. Robert W. Baird boosted their price target on Reddit from $50.00 to $59.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. JPMorgan Chase & Co. began coverage on Reddit in a research report on Monday, April 15th. They issued a “neutral” rating and a $47.00 price objective for the company. Morgan Stanley began coverage on shares of Reddit in a research note on Monday, April 15th. They issued an “equal weight” rating and a $45.00 price target on the stock. Finally, Needham & Company LLC raised their price objective on shares of Reddit from $63.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, June 18th. One analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of 58.33.
Reddit Price Performance
The business has a 50 day simple moving average of 58.93.
Reddit (NYSE:RDDT – Get Free Report) last announced its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing the consensus estimate of -2.34 by -5.85. The firm had revenue of 243.00 million for the quarter, compared to the consensus estimate of 213.99 million. The business’s quarterly revenue was up 48.4% on a year-over-year basis. During the same period in the previous year, the business earned ($1.05) EPS. As a group, equities analysts forecast that Reddit, Inc. will post -4.71 EPS for the current fiscal year.
Insider Activity at Reddit
In other Reddit news, CFO Andrew Vollero sold 50,580 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were 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 filing with the Securities & Exchange Commission, which is available at the SEC website. In other Reddit news, CEO Steve Ladd Huffman sold 42,299 shares of Reddit stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total transaction of 2,493,103.06. Following the transaction, the chief executive officer now owns 689,157 shares of the company’s stock, valued at approximately 40,618,913.58. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Andrew Vollero sold 50,580 shares of Reddit stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction 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 approximately 37,195,855.20. The disclosure for this sale can be found here. Insiders have sold a total of 192,689 shares of company stock worth $11,357,090 over the last quarter.
Institutional Trading of Reddit
Hedge funds have recently made changes to their positions in the company. Global Retirement Partners LLC bought a new position in Reddit in the 1st quarter worth about $27,000. BNP Paribas Financial Markets purchased a new position in Reddit during the first quarter valued at approximately $37,000. ANTIPODES PARTNERS Ltd bought a new stake in Reddit during the 1st quarter worth approximately $63,000. Sandia Investment Management LP purchased a new stake in Reddit in the 1st quarter worth approximately $79,000. Finally, SG Americas Securities LLC bought a new position in Reddit in the 1st quarter valued at $265,000.
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.