Reddit (NYSE:RDDT) Shares Gap Down to $73.51

Reddit, Inc. (NYSE:RDDT)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at 73.51, but opened at 71.93. Reddit shares last traded at 72.31, with a volume of 579,615 shares.

Analyst Ratings Changes

A number of research firms have weighed in on RDDT. Citigroup upped their price objective on shares of Reddit from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Needham & Company LLC upped their price objective on shares of Reddit from $63.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, June 18th. Roth Mkm upped their price objective on shares of Reddit from $50.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Raymond James began coverage on shares of Reddit in a research report on Monday, April 15th. They set a “strong-buy” rating and a $50.00 price objective for the company. Finally, JPMorgan Chase & Co. began coverage on shares of Reddit in a research report on Monday, April 15th. They set a “neutral” rating and a $47.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of 58.33.

Reddit Stock Performance

The firm’s fifty day moving average price is 57.85.

Reddit (NYSE:RDDT) 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 company had revenue of 243.00 million for the quarter, compared to analysts’ expectations of 213.99 million. During the same period in the prior year, the company earned ($1.05) earnings per share. The company’s revenue for the quarter was up 48.4% compared to the same quarter last year. As a group, analysts anticipate that Reddit, Inc. will post -4.71 earnings per share for the current fiscal year.

Insider Activity at Reddit

In related news, CAO Michelle Marie Reynolds sold 6,618 shares of the company’s stock in a transaction dated 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 sale, the chief accounting officer now owns 89,795 shares of the company’s stock, valued at 5,292,517.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Reddit news, CEO Steve Ladd Huffman sold 42,299 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 2,493,103.06. Following the transaction, the chief executive officer now owns 689,157 shares of the company’s stock, valued at 40,618,913.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Michelle Marie Reynolds sold 6,618 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total transaction of 390,064.92. Following the completion of the transaction, the chief accounting officer now directly owns 89,795 shares in the company, valued at approximately 5,292,517.30. The disclosure for this sale can be found here. Over the last quarter, insiders sold 192,689 shares of company stock valued at $11,357,090.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RDDT. Inclusive Capital Partners L.P. acquired a new position in Reddit in the first quarter valued at about $103,051,000. Vanguard Group Inc. acquired a new stake in shares of Reddit during the first quarter worth about $82,167,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of Reddit during the first quarter worth about $37,015,000. Blackstone Inc. acquired a new stake in shares of Reddit during the first quarter worth about $36,990,000. Finally, Bamco Inc. NY acquired a new stake in shares of Reddit during the first quarter worth about $14,796,000.

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.