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

Reddit, Inc. (NYSE:RDDT) gapped up before the market opened on Wednesday after The Goldman Sachs Group raised their price target on the stock from $40.00 to $55.00. The stock had previously closed at 49.40, but opened at 55.00. The Goldman Sachs Group currently has a neutral rating on the stock. Reddit shares last traded at 50.91, with a volume of 6,471,746 shares.

A number of other equities research analysts also recently commented on RDDT. Robert W. Baird lifted their target price on Reddit from $50.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday. Needham & Company LLC boosted their price target on shares of Reddit from $55.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday. JMP Securities boosted their target price on Reddit from $53.00 to $63.00 and gave the stock a “market outperform” rating in a research note on Wednesday. Sanford C. Bernstein increased their price target on Reddit from $40.00 to $45.00 and gave the company an “underperform” rating in a research report on Wednesday. Finally, Bank of America started coverage on shares of Reddit in a research note on Tuesday, April 16th. They set a “neutral” rating and a $46.00 target price on the stock. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of 54.87.

Insider Transactions at Reddit

In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 97,965.90. Following the completion of the sale, the chief accounting officer now directly owns 96,413 shares of the company’s stock, valued at approximately 3,114,139.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director David C. Habiger bought 3,000 shares of the stock in a transaction on Monday, March 25th. The shares were bought at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the purchase, the director now owns 24,906 shares of the company’s stock, valued at approximately 846,804. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Michelle Marie Reynolds sold 3,033 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 97,965.90. Following the sale, the chief accounting officer now owns 96,413 shares of the company’s stock, valued at approximately 3,114,139.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,084,798 shares of company stock worth $35,038,975.

Hedge Funds Weigh In On Reddit

Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets purchased a new position in Reddit during the 1st quarter worth $37,000. SG Americas Securities LLC acquired a new position in shares of Reddit during the first quarter worth about $265,000. ANTIPODES PARTNERS Ltd purchased a new position in Reddit during the first quarter worth about $63,000. Commonwealth Equity Services LLC purchased a new position in Reddit during the first quarter worth about $1,111,000. Finally, Congress Park Capital LLC acquired a new stake in Reddit in the first quarter valued at about $279,000.

Reddit Trading Down 2.5 %

Reddit (NYSE:RDDT) last posted 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 analyst estimates of 213.99 million. During the same period in the prior year, the company earned ($1.05) earnings per share. Reddit’s revenue for the quarter was up 48.4% on a year-over-year basis. Analysts forecast that Reddit, Inc. will post -7.09 EPS for the current fiscal year.

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.