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

Reddit, Inc. (NYSE:RDDT) gapped up before the market opened on Wednesday after Piper Sandler raised their price target on the stock from $50.00 to $65.00. The stock had previously closed at 49.40, but opened at 55.00. Piper Sandler currently has an overweight rating on the stock. Reddit shares last traded at 50.91, with a volume of 6,471,746 shares traded.

Other analysts have also recently issued reports about the stock. Roth Capital restated a “buy” rating on shares of Reddit in a report on Monday, April 15th. Needham & Company LLC boosted their price objective on Reddit from $55.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. assumed coverage on shares of Reddit in a research report on Monday, April 15th. They set a “neutral” rating and a $47.00 price target on the stock. The Goldman Sachs Group initiated coverage on shares of Reddit in a research report on Monday, April 15th. They issued a “neutral” rating and a $40.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Reddit in a research note on Tuesday, April 16th. They set a “buy” rating and a $50.00 target price for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of 51.33.

Insider Buying and Selling at Reddit

In other Reddit news, Director David C. Habiger bought 3,000 shares of the business’s stock in a transaction on Monday, March 25th. The stock was bought at an average price of 34.00 per share, with a total value of 102,000.00. Following the completion of the purchase, the director now directly owns 24,906 shares in the company, valued at 846,804. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the 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 97,965.90. Following the completion of the transaction, the chief accounting officer now owns 96,413 shares of the company’s stock, valued at approximately 3,114,139.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David C. Habiger bought 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was bought at an average price of 34.00 per share, with a total value of 102,000.00. Following the acquisition, the director now directly owns 24,906 shares in the company, valued at approximately 846,804. The disclosure for this purchase can be found here. Insiders have sold 1,084,798 shares of company stock worth $35,038,975 in the last ninety days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Global Retirement Partners LLC purchased a new stake in Reddit during the 1st quarter worth approximately $27,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit during the first quarter worth $37,000. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Reddit in the first quarter valued at $63,000. SG Americas Securities LLC purchased a new position in Reddit in the first quarter valued at $265,000. Finally, Congress Park Capital LLC purchased a new stake in Reddit during the 1st quarter worth about $279,000.

Reddit Stock Up 5.1 %

Reddit (NYSE:RDDT) last issued its quarterly earnings results 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 company had revenue of 243.00 million for 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 firm’s revenue was up 48.4% compared to the same quarter last year. As a group, research 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.