Reddit (NYSE:RDDT) Shares Gap Up to $59.15

Reddit, Inc. (NYSE:RDDT) gapped up prior to trading on Tuesday . The stock had previously closed at $59.15, but opened at $61.37. Reddit shares last traded at $60.06, with a volume of 611,883 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Loop Capital upgraded Reddit from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research report on Thursday, August 1st. Roth Mkm dropped their target price on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. JPMorgan Chase & Co. decreased their price target on Reddit from $67.00 to $59.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Bank of America boosted their price objective on shares of Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Finally, Morgan Stanley raised their target price on shares of Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $65.56.

Reddit Price Performance

The stock’s 50 day moving average is $59.74.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. The company’s quarterly revenue was up 53.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.70) EPS. As a group, analysts predict that Reddit, Inc. will post -4.17 EPS for the current year.

Insider Buying and Selling at Reddit

In other news, insider Benjamin Seong Lee sold 45,807 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the completion of the transaction, the insider now directly owns 194,473 shares of the company’s stock, valued at approximately $10,499,597.27. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Benjamin Seong Lee sold 45,807 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value of $2,473,119.93. Following the sale, the insider now directly owns 194,473 shares in the company, valued at $10,499,597.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Christopher Brian Slowe sold 21,000 shares of Reddit stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value of $1,133,790.00. Following the sale, the chief technology officer now owns 339,295 shares of the company’s stock, valued at approximately $18,318,537.05. The disclosure for this sale can be found here. Insiders have sold 251,706 shares of company stock valued at $13,896,591 over the last quarter.

Hedge Funds Weigh In On Reddit

A number of institutional investors have recently modified their holdings of the company. Inclusive Capital Partners L.P. acquired a new position in Reddit in the 1st quarter valued at $103,051,000. Vanguard Group Inc. purchased a new position in Reddit during the first quarter worth about $82,167,000. Price T Rowe Associates Inc. MD acquired a new stake in Reddit in the 1st quarter worth about $37,015,000. Blackstone Inc. purchased a new stake in Reddit in the 1st quarter valued at about $36,990,000. Finally, Marshall Wace LLP increased its stake in shares of Reddit by 117.2% during the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after acquiring an additional 457,588 shares during the last quarter.

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.