Reddit (NYSE:RDDT) Stock Price Up 6%

Shares of Reddit, Inc. (NYSE:RDDTGet Free Report) were up 6% during trading on Tuesday . The stock traded as high as 59.90 and last traded at 59.88. Approximately 1,499,916 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 5,049,272 shares. The stock had previously closed at 56.48.

Analysts Set New Price Targets

Several analysts have commented on RDDT shares. Bank of America started coverage on shares of Reddit in a research report on Tuesday, April 16th. They issued a “neutral” rating and a $46.00 target price for the company. Piper Sandler upped their price objective on shares of Reddit from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Raymond James assumed coverage on shares of Reddit in a report on Monday, April 15th. They set a “strong-buy” rating and a $50.00 price objective for the company. Citigroup upped their price objective on shares of Reddit from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Finally, Roth Capital reaffirmed a “buy” rating on shares of Reddit in a report on Monday, April 15th. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of 57.00.

Check Out Our Latest Analysis on Reddit

Reddit Trading Up 7.9 %

The stock’s 50 day simple moving average is 53.72.

Reddit (NYSE:RDDTGet Free Report) last announced its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. During the same period last year, the company posted ($1.05) EPS. The business’s quarterly revenue was up 48.4% on a year-over-year basis. As a group, equities research analysts expect that Reddit, Inc. will post -4.71 EPS for the current year.

Insider Activity

In other news, CAO Michelle Marie Reynolds sold 6,618 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 390,064.92. Following the completion of the transaction, the chief accounting officer now owns 89,795 shares in the company, valued at approximately 5,292,517.30. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CEO Steve Ladd Huffman sold 42,299 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 689,157 shares in the company, valued at approximately 40,618,913.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Michelle Marie Reynolds sold 6,618 shares of the stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 390,064.92. Following the sale, the chief accounting officer now owns 89,795 shares of the company’s stock, valued at approximately 5,292,517.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 192,689 shares of company stock worth $11,357,090.

Institutional Investors Weigh In On Reddit

Hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC bought a new stake in Reddit during the 1st quarter worth about $27,000. Raymond James Financial Services Advisors Inc. bought a new stake in Reddit during the 1st quarter worth about $2,057,000. Seven Grand Managers LLC bought a new stake in Reddit during the 1st quarter worth about $986,000. Blackstone Inc. bought a new stake in Reddit during the 1st quarter worth about $36,990,000. Finally, BlueCrest Capital Management Ltd bought a new stake in Reddit during the 1st quarter worth about $1,480,000.

About Reddit

(Get Free Report)

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.

See Also

Receive News & Ratings for Reddit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reddit and related companies with MarketBeat.com's FREE daily email newsletter.