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

Reddit, Inc. (NYSE:RDDT) shares gapped up before the market opened on Wednesday after Piper Sandler raised their price target on the stock from $50.00 to $65.00. The stock had previously closed at 49.40, but opened at 55.00. Piper Sandler currently has an overweight rating on the stock. Reddit shares last traded at 50.91, with a volume of 6,471,746 shares trading hands.

Other equities research analysts also recently issued reports about the stock. Sanford C. Bernstein assumed coverage on shares of Reddit in a research note on Thursday, April 4th. They set an “underperform” rating and a $40.00 price objective on the stock. Bank of America assumed coverage on shares of Reddit in a research report on Tuesday, April 16th. They issued a “neutral” rating and a $46.00 price target for the company. Loop Capital started coverage on Reddit in a research report on Monday, April 15th. They set a “buy” rating and a $55.00 target price on the stock. Robert W. Baird raised their price target on shares of Reddit from $50.00 to $59.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, New Street Research began coverage on shares of Reddit in a research note on Tuesday, March 26th. They set a “neutral” rating and a $54.00 price target for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of 51.33.

Insider Transactions at Reddit

In other news, CAO Michelle Marie Reynolds sold 3,033 shares of Reddit stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 97,965.90. Following the transaction, the chief accounting officer now owns 96,413 shares in the company, valued at approximately 3,114,139.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Reddit news, CAO Michelle Marie Reynolds sold 3,033 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 97,965.90. Following the completion of the transaction, the chief accounting officer now owns 96,413 shares in the company, valued at approximately 3,114,139.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Andrew Vollero sold 71,765 shares of the business’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 transaction of 2,318,009.50. Following the sale, the chief financial officer now owns 681,660 shares of the company’s stock, valued at approximately 22,017,618. The disclosure for this sale can be found here. Insiders sold a total of 1,084,798 shares of company stock worth $35,038,975 over the last three months.

Hedge Funds Weigh In On Reddit

Hedge funds have recently bought and sold shares of the company. Global Retirement Partners LLC acquired a new position in Reddit during the first quarter valued at approximately $27,000. BNP Paribas Financial Markets bought a new stake in shares of Reddit in the 1st quarter valued at approximately $37,000. ANTIPODES PARTNERS Ltd bought a new position in Reddit in the first quarter worth about $63,000. SG Americas Securities LLC bought a new stake in shares of Reddit in the 1st quarter worth approximately $265,000. Finally, Congress Park Capital LLC acquired a new position in shares of Reddit during the first quarter valued at $279,000.

Reddit Stock Up 5.1 %

Reddit (NYSE:RDDT) last announced its 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. The firm’s revenue was up 48.4% compared to the same quarter last year. During the same period last year, the company posted ($1.05) earnings per share. On average, equities research analysts predict that Reddit, Inc. will post -7.09 earnings per share for the current fiscal year.

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.