Stock Traders Purchase High Volume of Reddit Call Options (NYSE:RDDT)

Reddit, Inc. (NYSE:RDDT) was the target of some unusual options trading on Tuesday. Stock traders acquired 47,889 call options on the stock. This represents an increase of approximately 56% compared to the typical volume of 30,742 call options.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on RDDT shares. Needham & Company LLC raised their price target on Reddit from $63.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. New Street Research started coverage on Reddit in a research note on Tuesday, March 26th. They set a “neutral” rating and a $54.00 price target for the company. Citigroup raised their price target on Reddit from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Roth Capital reissued a “buy” rating on shares of Reddit in a research note on Monday, April 15th. Finally, Bank of America started coverage on Reddit in a research note on Tuesday, April 16th. They set a “neutral” rating and a $46.00 price target for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of 58.33.

Reddit Price Performance

RDDT opened at 73.62 on Thursday. Reddit has a 12 month low of 37.35 and a 12 month high of 74.90. The stock has a fifty day moving average of 57.23.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing the consensus estimate of -2.34 by -5.85. The firm had revenue of 243.00 million during the quarter, compared to analysts’ expectations of 213.99 million. The company’s quarterly revenue was up 48.4% on a year-over-year basis. During the same period last year, the firm posted ($1.05) earnings per share. Research analysts expect that Reddit will post -4.71 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other news, 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 value of 2,981,185.20. Following the completion of the transaction, the chief financial officer now owns 631,080 shares in the company, valued at approximately 37,195,855.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, 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 value of 2,981,185.20. Following the completion of the transaction, the chief financial officer now owns 631,080 shares in the company, valued at approximately 37,195,855.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Michelle Marie Reynolds sold 6,618 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 value of 390,064.92. Following the completion of the transaction, 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. Insiders sold 192,689 shares of company stock worth $11,357,090 in the last quarter.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RDDT. Inclusive Capital Partners L.P. purchased a new position in Reddit during the 1st quarter worth $103,051,000. Vanguard Group Inc. purchased a new position in Reddit during the 1st quarter worth $82,167,000. Price T Rowe Associates Inc. MD purchased a new position in Reddit during the 1st quarter worth $37,015,000. Blackstone Inc. purchased a new position in Reddit during the 1st quarter worth $36,990,000. Finally, Bamco Inc. NY purchased a new position in Reddit during the 1st quarter worth $14,796,000.

About Reddit

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.