Reddit (NYSE:RDDT) Stock Price Up 4.3%

Reddit, Inc. (NYSE:RDDT)’s share price rose 4.3% during mid-day trading on Tuesday . The company traded as high as 70.72 and last traded at 69.45. Approximately 1,532,492 shares were traded during trading, a decline of 69% from the average daily volume of 4,885,728 shares. The stock had previously closed at 66.59.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of recent analyst reports. Citigroup boosted their target price on Reddit from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Roth Mkm boosted their target price on Reddit from $50.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. JMP Securities reaffirmed a “market outperform” rating and set a $63.00 target price on shares of Reddit in a research report on Friday, May 17th. JPMorgan Chase & Co. assumed coverage on Reddit in a research report on Monday, April 15th. They set a “neutral” rating and a $47.00 price target on the stock. Finally, Bank of America assumed coverage on Reddit in a research report on Tuesday, April 16th. They set a “neutral” rating and a $46.00 price target on the stock. 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 issued a strong buy rating to the stock. According to MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average price target of 58.33.

Reddit Price Performance

The stock’s 50 day moving average price is 57.23.

Reddit (NYSE:RDDT) last released 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 during the quarter, compared to the consensus estimate of 213.99 million. The business’s quarterly revenue was up 48.4% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.05) EPS. As a group, sell-side analysts forecast that Reddit, Inc. will post -4.71 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 42,299 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Steve Ladd Huffman sold 42,299 shares of the business’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 2,493,103.06. Following the completion of 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 Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andrew Vollero sold 50,580 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 631,080 shares of the company’s stock, valued at approximately 37,195,855.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 192,689 shares of company stock worth $11,357,090.

Hedge Funds Weigh In On Reddit

Large investors have recently made changes to their positions in the business. Global Retirement Partners LLC acquired a new position in Reddit in the 1st quarter valued at approximately $27,000. Congress Park Capital LLC acquired a new position in Reddit in the 1st quarter valued at approximately $279,000. Raymond James Financial Services Advisors Inc. acquired a new position in Reddit in the 1st quarter valued at approximately $2,057,000. Seven Grand Managers LLC acquired a new position in Reddit in the 1st quarter valued at approximately $986,000. Finally, Blackstone Inc. acquired a new position in Reddit in the 1st quarter valued at approximately $36,990,000.

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.