Reddit (NYSE:RDDT) Shares Gap Up Following Analyst Upgrade

Reddit, Inc. (NYSE:RDDT)’s stock price gapped up prior to trading on Wednesday after Citigroup raised their price target on the stock from $53.00 to $65.00. The stock had previously closed at 49.40, but opened at 55.00. Citigroup currently has a buy rating on the stock. Reddit shares last traded at 50.91, with a volume of 6,471,746 shares traded.

RDDT has been the topic of several other reports. New Street Research initiated coverage on Reddit in a research note on Tuesday, March 26th. They issued a “neutral” rating and a $54.00 price objective on the stock. Piper Sandler lifted their price objective on Reddit from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday. Roth Mkm boosted their price target on Reddit from $50.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft assumed coverage on Reddit in a report on Tuesday, April 16th. They issued a “buy” rating and a $50.00 price target for the company. Finally, JPMorgan Chase & Co. assumed coverage on Reddit in a report on Monday, April 15th. They issued a “neutral” rating and a $47.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of 53.87.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 500,000 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 16,150,000.00. Following the transaction, the chief executive officer now owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Steve Ladd Huffman sold 500,000 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 16,150,000.00. Following the transaction, the chief executive officer now owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 325,000 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 10,497,500.00. Following the transaction, the chief operating officer now directly owns 1,736,813 shares in the company, valued at approximately 56,099,059.90. The disclosure for this sale can be found here. Insiders sold 1,084,798 shares of company stock valued at $35,038,975 in the last three months.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Congress Park Capital LLC acquired a new stake in Reddit in the 1st quarter valued at approximately $279,000. Raymond James Financial Services Advisors Inc. acquired a new stake in Reddit in the 1st quarter valued at approximately $2,057,000. Seven Grand Managers LLC acquired a new stake in Reddit in the 1st quarter valued at approximately $986,000. Global Retirement Partners LLC acquired a new stake in Reddit in the 1st quarter valued at approximately $27,000. Finally, Commonwealth Equity Services LLC acquired a new stake in Reddit in the 1st quarter valued at approximately $1,111,000.

Reddit Price Performance

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 EPS 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 earned ($1.05) EPS. The company’s revenue for the quarter was up 48.4% on a year-over-year basis. As a group, analysts forecast that Reddit, Inc. will post -7.09 EPS for the current fiscal year.

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.